CHINESE CONSORTIUM ACQUIRES 40PC STAKE IN PAKISTAN STOCK EXCHANGE
The purchase agreement of 40 percent stake in Pakistan Stock Exchange (PSX) by a Chinese consortium, which had emerged as the highest bidder for acquiring 40 percent stake in PSX was the event of the week opening new avenues in the capital market of Pakistan.
Federal Finance Minister and Senator, Ishaq Dar, witnessed the signing ceremony of share purchase agreement of Pakistan Stock Exchange’s (PSX) equity stake between PSX and Chinese consortium.
This landmark development has uplifted PSX a regional exchange after off loading 40 percent equity to Chinese consortium.
The Finance Minister said conversion of PSX into a regional exchange was the result of a team work by the Ministry of Finance, Securities and Exchange Commission of Pakistan (SECP), PSX management and brokers of the exchange.
Meanwhile the Index started the week with the much anticipated correction but staged a recovery towards the latter half of the week as some positive stimulus provided the support.
KSE-100 Index closed the week at 49,365pts with a marginal WoW increase of 0.3%.
Foreign Institutions Portfolio investment (FIPI) registered net outflow of US$46.6mn. Average volume traded decreased by 20.5% WoW while average value traded decreased by 2.3% WoW.
Millat Tractors, National Refinery, Abbot Laboratories, J.D.W Sugar and Sui Northern Gas Ltd were the major gainers while Oil & Gas Development Co, Standard Chartered Bank, Service (Shoes) Industries, Habib Bank Limited and United Bank Limited were the major losers in the benchmark KSE-100 Index this week.