Karachi: Pakistan Mercantile Exchange Limited (PMEX), the country’s first and only demutualized commodity Futures Exchange, Wednesday announced increase of 671% from last year. In terms of volume this amounts to Rs 490,515,367,875 in 2010-2011 versus Rs 63,610,332,963 last fiscal year. Increase in terms of number of lots 1,475,582 stood at 365% growth over the same period.
It has been growing consistently over the entire year and during last quarter total traded value was Rs 211,340,279,318 ahead of three stock exchanges, KSE at volume of Rs 189,139,444,428; LSE at Rs 3,425,438,718 & ISE at Rs 138,604,723 respectively. PMEX has now joined league of leading stock exchanges having gained confidence of investors as trading platform for hedging and for an alternative asset class.
Phenomenal growth has been result of newer products, low transaction costs, tight spreads, deep liquidity, growing membership and efficient systems of PMEX that make 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 growing at rapid pace with trading in Gold, Silver & Crude Oil available from 5.00am to 2.00am.
“Name change has been decided with a view to communicating more accurately our mandate as nation wide commodities and futures exchange. It also reflects more accurately 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 & Crude oil in June 2011. Silver Futures is now available in 100 oz along with existing 500 ounce lot size whereas Crude oil available for trading in 10 barrel lot size along with existing 100 barrel lot. Company now has complete range available for small, medium, large investors to invest in Gold, Silver & Crude Oil futures’ contracts.
PMEX plans to launch some main Agri futures products in 2011. Sugar contract launched in June 2011 is now available for trading on the Exchange. This listing offers industrial consumers of sugar option to purchase sugar on the exchange and hedge against price changes. Wheat and Maize contracts are also in process of being finalized. PMEX shareholders are National Bank of Pakistan, Pak-Kuwait Investment Co, Zarai Taraqqiati Bank and three stock exchanges.