Lahore, Karachi and Islamabad stock exchanges merge to form Pakistan Stock Exchange
Securities and Exchange Commission of Pakistan (SECP) and Karachi Stock Exchange (KSE) yesterday arranged an event for the grand launch of Pakistan Stock Exchange (PSX). Pakistan Stock Exchange is formed by the merger of Karachi, Lahore and Islamabad stock exchanges.
Because of merger, the operations of Lahore and Islamabad stock exchanges are transferred to Karachi stock exchange and it has been renamed to Pakistan Stock Exchange. This merger can led to more foreign investments in Pakistan specially in the financial sector. Pakistan Stock Exchange will become listed on the exchange and 40 percent of its shares will be available for foreign buyers, 40 percent will be available for listed brokers and 20 per cent in an IPO.
Ishaq Dar at the launch commended the efforts of everyone and told that it has taken 15 years to make the dream come true. He also added that Pakistan’s future is bright provided everyone works with honesty and sincerity.
Karachi Stock Exchange was setup in 1947 with initial listing of only 5 companies with value of Rs. 37 million. Now, KSE has more than 570 companies in listing with value more than Rs. 6,958 billion.