Pakistan Stock Exchange (PSX), which is seeking a strategic foreign investor, has had “serious interest” being shown Turkey and Qatar exchanges, the PSX deputy managing director said.
A Qatar official confirmed the talks but downplayed the interest, while Turkish bourse officials did not respond to a request for comment.
Pakistan has been enacting financial sector reforms to attract more foreign investment and boost the economy, which is growing at the fastest pace in eight years thanks to improved security across the country and low global oil prices.
Last week, the benchmark KSE 100-share index hit an all-time high on anticipation the MSCI would reclassify Pakistan from its Frontier Market segment into the Emerging Markets category.
PSX Deputy Managing Director Haroon Askari said as part of the market demutualisation the bourse needed to find a strategic investor to buy a stake of between 15 and 40%.
“We have had very serious interest from the Istanbul Stock Exchange (and) Qatar Stock Exchange,” he told Reuters.
Askari said there had been two meetings with Borsa Istanbul officials in Istanbul, and then a high-level Turkish delegation visited Pakistan. There was also a meeting with the chief executive of Qatar’s bourse in the Middle East and then another Qatari representative visited Karachi.
Qatar Stock Exchange Chief Executive Rashid al-Mansoori said the talks were still in infancy.
“They did visit us and discuss the matter but we did not discuss any stake or near future investment,” al-Mansoori said.
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The benchmark KSE 100-share index hit an all-time low and its dipping further.
Didn’t find any follow-up news on this. Please confirm if PSX has signed a contract with Qatar and Istanbul exchanges. I need the info for my research paper.