KARACHI: Egyptian investment firm EFG-Hermes on Monday formally became part of the Pakistan Stock Exchange as a broker.
At the start of trading, a ceremony was held to welcome the foreign firm in the Pakistani market. Talking to the media, EFG-Hermes Group CEO Karim Awad said, “We believe we can play a big role here.”
Talking to the media, PSX Managing Director Nadeem Naqvi said the MSCI’s inclusion of PSX will lead to greater business activity in Pakistan.
Investors reacted positively to the move, with the KSE 100-index rising by 600 points to a mark of 51,374.
Egypt-based EFG-Hermes acquires 51% stake in Pakistani brokerage firm
In March this year, the EFG-Hermes acquired 51 per cent shares of Pakistani brokerage company Invest & Finance Securities Limited. The firm is keen to expand its brokerage arm by injecting new liquidity.