A Small Club: Distribution, Power and Networks in Financial Markets of Pakistan (Policy)

Nadeem Haque and Amin Husain

The Pakistan Development Review, 2023, vol. 62, issue 2, 281-299

Abstract: Pakistan’s stock market tends to make headlines, sometimes because of record highs * that make it the ‘best performing market of the region’, and sometimes because of the crashes. However, the degree to which it contributes to capital formation in the country is not a topic of study, while the ensuing ownership and governance structure is hardly ever made a part of public discourse. One such study concluded that “around 64 percent of the 44 selected sample companies are controlled by prominent business groups and families of Pakistan”. This paper extends the aforementioned research to cover the top 100 companies that constitute the benchmark KSE-100 index at the Pakistan Stock Exchange (PSX). It also analyses the structure of ownership and sponsor control of companies constituting the KSE-100, and their impact on the functioning and transparency of the stock market.

Date: 2023
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