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Farrukh Hussain takes charge as CEO Pakistan Stock Exchange


Arhama AltafWeb Editor

24th Feb, 2020. 12:10 pm
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PSX daily update 14th April 2020

Farrukh Hussain Khan has assumed the charge of Chief Executive Officer (CEO) Pakistan Stock Exchange here on Monday.

Farrukh Hussain Khan, who was appointed by the Board of Directors of Pakistan Stock Exchange Limited (PSX) with the approval of the Securities and Exchange Commission of Pakistan as Chief Executive Officer (CEO) of PSX, has assumed charge with effect from today,” read a PSX notification.

The incoming chief succeeds. Muhammad Rafique Umer who officiated as Acting CEO till the date of assumption of charge by new CEO.

It may be mentioned here that the post of the PSX CEO has been lying vacant since May, 2019 when Canadian-national Richard Morin resigned from his position after he was allegedly found not “fit and proper” for the post.

Morin was hired for a three-year period in January 2018.

He was the first foreign national chief executive officer of Pakistan Stock Exchange.

Moreover, The Pakistan Stock Exchange has experienced a bloodbath on Monday following a spike in new coronavirus cases that refueled investor anxiety about China’s disease outbreak.

The continuous dull and drab activity with bulls and bears managing to secure an upper hand in turns amid absence of several other triggers pushed the benchmark KSE-100 Share Index level below 40,000 after massive drop of 819.55 points or 2.04pc.

As of 11.24am, the Index reached 39,429.67 adopting a negative trajectory for the latest session.

The market opened at 40,238.25. The apex of the day remained 40,249.22 (the previous close on Friday) and 39,425.56, the lowest so far.

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