PPI Original Text (PPI-OT) – Dr. Baig inaugurates Chamdia securities

Karachi, May 29, 2012 (PPI-OT): Dr. Mirza Ikhtiar Baig, Advisor to Prime Minister on Textile was the Chief Guest at the inauguration ceremony of Salim Chamdia Securities at a local hotel in Karachi. Pakistan Mercantile Exchange, formerly known as National Commodity Exchange is allowed for hedge trading of gold, silver, rice, wheat, palm oil and KIBOR but not allowed cotton and cotton yarn.

Mr. Salim Chamdia, Chairman of Salim Chamdia Securities requested Dr. Baig to allow hedge trading of cotton and cotton yarn as well.

Dr. Baig assured to discuss this matter with the stake holders including APTMA, Pakistan Cotton Association and Ministry of Textile. He said, in India hedge trading started after Pakistan but functioning very successful. Baig stressed the need for an effective commodity exchange for hedge trading which will help to reduce the inventory.

Those who attended: Arif Habib Chairman of Arif Habib Group, Sameer Ahmed MD Pakistan Mercantile Exchange and leading member of Karachi Stock Exchange and large number of members of Karachi Stock Exchange and business community.

For more information, contact:
Ministry of Textile Industry
Government of Pakistan
2nd Floor, Federal Cooperative Building,
G-5/2 Islamabad, Pakistan
Tel: +9251 921 2799 and 921 7242
Fax: +9251 921 4015
Web: www.textile.gov.pk