The Managing Director of Karachi Stock Exchange (KSE), Adnan Afridi, is likely to be shown the doors at the start of next month. Sources claimed that this was a result of the poor performance in the past three years.
“His contract would expire on the 3rd or 5th of November,” the market sources told Pakistan Today.
Sources claimed that weak management of Adnan Afridi has made him equally unpopular among members and board of directors of the KSE. Reasoning their claim, sources said local stocks had hit the lowest level of 4,800 points under Afridi, who took over some three years back.
They were also critical of the exorbitant raise in the salaries of KSE staff which they thought were disproportionate to the financial health of the ailing stocks. It was ironical that at a time when present earnings of the stock market had declined to Rs 120 million, salaries had skyrocketed to Rs 230 million.
According to sources, pre-Afridi era had seen KSE’s earnings touch a level of Rs 330 million, as compared to the present Rs 120 million.
Afridi also came under fire for entitling himself to heavy incentives. “He is taking at least five annual bonuses,” the sources claimed.
However, sources see no significant impact of the managerial change on the stocks market which, they said, was witnessing a ‘delivery-based’ bullish trend. “Foreign funding and buying is the dominant factor in making a difference at the market,” the sources said.
