PSX becomes regional capital market

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By Salman Khan

KARACHI: A landmark agreement was signed by PSX Divestment Committee Chairman Shahzad Chamdia and the chief executive officers of the Chinese exchanges CEO of China Futures Exchanges, Hu Zheng; Shenzen Stock Exchange CEO, Wang Jianjun, forming the consortium. Federal Minister for Finance and Economic Affairs Senator Muhammad Ishaq Dar, witnessed the signing of share purchase agreement of Pakistan Stock Exchange’s (PSX) equity stake between PSX and Chinese consortium. The Chinese consortium, qualified as the best bidder for the purchase of 40% shares of PSX brokers, includes China Financial Futures Exchanges, Shenzen Stock Exchange, Shanghai Stock Exchange and two local companies of Pakistan, China Investment Company Limited and Habib Bank Limited. On the occasion Chinese Ambassador to Pakistan Sun Weidong, CEO of China Futures Exchanges, Hu Zheng, Shenzen Stock Exchange CEO, Wang Jianjun, Governor, State Bank of Pakistan, Ashraf Mahmood Wathra, PSX Chairman Muneer Kamal, PSX Managing Director Nadeem Naqvi, Chairman, Securities and Exchange Commission of Pakistan, Zaffar-ul-Haq Hijazi, CEO Trade Development Authority of Pakistan, S.M.Muneer, President, Federation of Pakistan Chambers of Commerce and Industry, Zubair F.Tufail, Unanimously said that this agreement will not only strengthen Pakistani market but also regional markets.

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