Nadeem Naqvi, Managing Director of Pakistan Stock Exchange (PSX) revealed that the Shanghai Stock Exchange (SSEA) was interested in PSX. He mentioned that they are looking to buy a massive 40 percent stake in the Pakistan Stock Exchange.
He told the media outlets that, “by late August to early September, expressions of interest were received, including from Shanghai Stock Exchange.”
Improvement of PSX
On October 1, Pakistan Stock Exchange (PSX) index closed at the highest level ever with 40,542 points, a healthy gain of 246.29 points. With the market performing well, PSX has attracted international interest from other players.
PSX was also deemed as Asia’s best performing stock market in the third quarters due to these improvements.
Earlier in September, Forbes reported that Pakistan’s equity market outperformed its neighbors which included China and India.
Pakistani officials made it clear that no less than 15 percent and no more than 40 percent of the stock will be sold. “If the sale involves a stake of anything in between, the bourse would have to sell the balance to other institutions to meet the 40 percent cap,” reported a media outlet.
The final verdict in this regard may be determined by early November, since the sealed bids have to be submitted by October 21 by the respective interested companies.
However, Shanghai Stock Exchange are yet to make an official statement regarding this matter after Japan’s Nikkei newspaper broke this news.