Muhammad Rafique Umer has been associated with Pakistan Stock Exchange (PSX) since 2001 and currently holds the position of Acting Managing Director in addition to the role of Secretary to the Board and Head of Legal Affairs.
He is a graduate in Commerce and Law from University of Karachi. He has also achieved certification in selected subjects, as a regular student of Institute of Business Administration. Further, he obtained Banking Diploma and Banking Certificate from Institute of Bankers Pakistan with first position throughout the country. Muhammad Rafique has attended seminars and workshops on various subjects, within and outside the country, including Capital Market Compliance and Examination workshop arranged by the US Securities and Exchange Commission at USA. He is also a certified director from Pakistan Institute of Corporate Governance.
Mr. Rafique has local and foreign experience of more than four decades in the field of finance, banking and capital markets. Prior to joining PSX, he remained with United Bank Ltd; Saudi French Bank (Saudi Arabia) and Atlas Group of Companies. At PSX, apart from Company Secretary, he also performs secretarial functions of certain committees, which include Human Resource and Remuneration Committee, Nomination Committee and IT Procurement Committee. He is one of the Trustees of Centralized Customers Protection Compensation Fund and Clearing House Protection Fund of PSX. He also represents PSX at General Meetings of associated and other companies, where PSX has equity stake. In the past, he represented PSX as nominee director on the Boards of Central Depository Company and National Clearing Company of Pakistan Limited.
Mr. Rafique remained actively engaged in the entire process of corporatization, demutualization, divestment and self-listing of PSX as well as integration of three Exchanges and was instrumental in smoothly completing all time-bound activities.
PAKISTAN and GULF ECONOMIST sought views of Muhammad Rafique Umer about Pakistan Stock Exchange. Following are his viewpoints:
The KSE-100 Index closed at 33,902 on June 28, 2019, with a market capitalization of Rs.6,887 billion. The average daily value traded (T+2 and DFM) was Rs.9.5 billion and the average daily turnover was 234 million shares. The KSE-100 Index, however, declined by over 19% from June 30, 2018 and the KSE-30 Index closed at 15,893 indicating a decline of around 23% from June 30, 2018, which was a result of weakening...