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Stock Exchange of PakistanPage 1 of 28
 About Stock Exchage
(A stock exchange, securities exchange or bourse is acorporationor mutual organizationwhich provides "trading" facilities for stock brokersandtraders, to trade stocksand other securities.) Stock exchanges also provide facilities for the issue and redemption of securities aswell as other financial instruments and capital events including the payment of income anddividends. The securities traded on a stock exchange include:shares  issued by companies, unit trustsand other pooled investment products and bonds.To  be able to trade a security on a certain stock exchange, it has to be listed there.Usually there is a central location at least for recordkeeping, but trade is less and lesslinked to such a physical place, as modern markets areelectronic networks, whichgives them advantages of speed and cost of transactions. Trade on an exchange is bymembers only. The initial offering of stocks and bonds toinvestorsis by definitiondone in the primary marketand subsequent trading is done in thesecondary market. A stock exchange is often the most important component of astock market. Supply anddemand in stock markets is driven by various factors which, as in allfree markets,  affect the price of stocks (seestock valuation).There is usually no compulsion to issue stock via the stock exchange itself, nor muststock be subsequently traded on the exchange. Such trading is said to be off exchangeor  over-the-counter . This is the usual way that bondsare traded. Increasingly, stock  exchanges are part of a global market for securities.
The First Stock Exchanges
In 11th century France the courtiers de change were concerned with managing andregulating the debts of agricultural communities on behalf of the banks. As these menalso traded in debts, they could be called the first brokers.Some stories suggest that the origins of the term "bourse" come from the Latin bursameaning a bag because, in 13th centuryBruges, the sign of a purse (or perhaps three purses), hung on the front of the house where merchants met.House Ter Beurze in Bruges, Belgium. However, it is more likely that in the late 13th century commodity traders in Brugesgathered inside the house of a man called Van der Burse, and in 1309 theyinstitutionalized this until now informal meeting and became the "Bruges Bourse".The idea spread quickly aroundFlandersand neighbouring counties and "Bourses"soon opened inGhentand Amsterdam. In the middle of the 13th century,Venetian  bankers began to trade in government securities. In 1351, the Venetian Government outlawed spreading rumors intended to
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Stock Exchange of PakistanPage 2 of 28
lower the price of government funds. There were people inPisa,Verona, Genoaand Florencewho also began trading in government securities during the 14th century.This was only possible because these were independent city states ruled by a councilof influential citizens, not by a duke.The Dutch later started  joint stock companies, which let shareholdersinvest in  business ventures and get a share of their profits—or losses. In 1602, theDutch EastIndia Companyissued the first shares on theAmsterdam Stock Exchange.It was the first company to issuestocksand bonds. In 1688, the trading of stocks began on a stock exchange inLondon.
The role of stock exchanges
Raising capital for businesses
Mobilizing savings for investment
Facilitating company growth
Redistribution of wealth
Corporate governance
Creating investment opportunities for small investors
Government capital-raising for development projects
Barometer of the economy
 Major stock exchanges
Twenty Major Stock Exchanges In The World: Market Capitalization & Year-to-date Turnover at the end of October 2007Region Stock ExchangeMarket Value(trillions of USdollars)Total ShareTurnover(trillions of USdollars)
AfricaJSE Securities Exchange$0.940$0.349Americas NASDAQ$4.39$12.4AmericasSão Paulo Stock Exchange$1.40$0.476
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Stock Exchange of PakistanPage 3 of 28
AmericasToronto Stock Exchange$2.29$1.36Americas/Europe New York Stock Exchange$20.7$28.7Asia-PacificAustralian Securities Exchange$1.45
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$1.00
3
South AsiaBombay Stock Exchange$1.61$0.263Asia-PacificHong Kong Stock Exchange$2.97$1.70Asia-PacificKorea Exchange$1.26$1.66South Asia National Stock Exchange of India$1.46$0.564Asia-PacificShanghai Stock Exchange$3.02$3.56Asia-PacificShenzhen Stock Exchange$0.741$1.86Asia-PacificTokyo Stock Exchange$4.63$5.45EuropeFrankfurt Stock Exchange(Deutsche Börse)$2.12$3.64EuropeLondon Stock Exchange$4.21$9.14EuropeMadrid Stock Exchange(Bolsas y MercadosEspañoles)$1.83$2.49EuropeMilan Stock Exchange(BorsaItaliana)$1.13$1.98EuropeMoscow Interbank CurrencyExchange(MICEX)$0.965
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$0.488
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EuropeNordic Stock Exchange GroupOMX
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 $1.38$1.60EuropeSwiss Exchange$1.33$1.58
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Hassaan Qazi

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