Business

Dar inaugurates Pakistan Stock Exchange

ISLAMABAD: Finance Minister Ishaq Dar today inaugurated the Pakistan Stock Exchange (PSX) after merger of three stock exchanges of Karachi, Lahore and Islamabad.

Addressing the ceremony here, Dar said government was committed to revive economy.

The minister said Pakistan was an attractive destination for investors. He underlined that modern day challenges can be dealt with strong economy.

Dar said international community acknowledged Pakistan’s economic turnaround.

The merger of the Karachi, Lahore and Islamabad Stock Exchanges into the PSX could pave the way for more foreign investor interest, observers said.

“The merger will help in selling the exchange to a strategic buyer as part of the demutualisation plan,” said Mohammad Sohail, chief of Topline Securities, a Karachi-based investment house.

Under the plan the PSX would become a listed company on the exchange with 40 percent of its shares offered to foreign buyers — 20 percent in an initial public offering (IPO) and the remaining 40 percent allocated to listed brokers.

Foreign investors can already trade on the existing exchanges, but the new bourse would be better organised with greater international links, observers said.

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