FY19 a tumultous year for markets: SECP.

ISLAMABAD: The last fiscal year was a challenging period for the financial markets as they opened with a steady decline, acording to the 2019 Annual Report of the Securities and Exchange Commision of Pakistan published on Friday.

The KSE-100 index began the year at 41,910.90 and ended at 33,901.58 on Jun 28, 2019, recording a decrease of almost 19 per cent over the period.

The market touched its lowest level at 32,354.06 on May 20, 2019, and recorded peak of 43,638.77 on July 31, 2018.

During the year, average daily turnover was 155.205 million shares and 36.8m in ready and futures market, respectively.

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A total of 544 companies with accumulated paid- up capital of Rs1,340.2698 billion were listed on the exchange as of June 30, 2019 with a market capitalisation of Rs6,887.301bn, reflecting an approximately 21pc decline in the latter.

Foreign investment exhibited a net outflow of $355.953m during the year, depicting a 26pc year-on-year fall, the SECP said.

In 2018-19, new capital of Rs10.161bn has been listed on the PSX as compared to Rs5.015bn in the previous fiscal year.

M/s Interloop Ltd raised Rs5.02bn from the market making it the largest ever private sector initial public offering, the regulator noted.

The SECP incorporated 14,461 new companies in FY19, 27pc higher year-on-year. Of this figure, approximately 73pc were private limited companies, 24pc as single member and 3pc as public companies, not-for-profit associations, trade organisations, foreign companies or limited liability partnerships. This took the total number of registered entities to 101,328 as of June 30, 2019.

According to the regulator, it issued 53 licences during the period to not-for-profit associations under Section 42 of the...