KARACHI: The country's first and only demutualized commodity futures exchange, the Pakistan Mercantile Exchange Limited (PMEX), Wednesday announced increase of 671 percent from last year.
In terms of volume this amounts to Rs490,515,367,875 in 2010-2011 versus Rs63,610,332,963 of the last fiscal year. Increase in terms of number of lots 1,475,582 stood at 365 percent growth over the same period.
It has been growing consistently over the entire year and during the last quarter the total traded value was Rs211,340,279,318 ahead of three stock exchanges, KSE at volume of Rs189,139,444,428, LSE at Rs3,425,438,718 and ISE at Rs138,604,723, respectively.
PMEX has now joined the league of leading stock exchanges having gained confidence of investors as a trading platform for hedging and for an alternative asset class.
Phenomenal growth has been the result of newer products, low transaction costs, tight spreads, deep liquidity, growing membership and efficient system of PMEX that makes it very easy for brokers and their clients to transact and manage their trades.
It changed its name in March 2011 from National Commodity Exchange to broaden its scope of activity and growth at a rapid pace with trading in gold, silver and crude oil.
"The change of name was decided with a view to communicating more accurately our mandate as a nation-wide commodities and futures exchange. It also reflects more accurately the wide variety of our current planned business lines and products," said Samir Ahmed.
Being sensitive to investor needs PMEX launched smaller size contracts in silver and crude oil in June 2011. Silver futures is now available in 100 ounce along with existing 500 ounce lot size whereas crude oil is available for trading in 10 barrel lot size alongwith existing 100 barrel lots. The company has now a complete range available for small, medium and large investors to invest in gold, silver and crude oil futures contracts.
PMEX plans to launch some main agri futures products in 2011.
The sugar contract launched in June 2011, is now available for trading on the exchange. This listing offers industrial consumers of sugar options to purchase the commodity on the exchange and hedge against price changes. Wheat and maize contracts are also in the process of being finalized.
The National Bank of Pakistan (NBP), Pak-Kuwait Investment Co., Zarai Taraqiati Bank (ZTB) and the three stock exchanges are the major PMEX shareholders.
Copyright PPI (Pakistan Press International), 2011
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