Farooq Naeem—AFP
Islamabad, Aug. 25
Pakistan’s three stock exchanges are merging. The Karachi Stock Exchange (market capitalization, as of June 30, 2015: Rs. 7,305.81 billion), the Lahore Stock Exchange (Rs. 6,922.15 billion), and the Islamabad Stock Exchange (Rs. 5,020.68 billion) signed a memorandum of understanding on Aug. 27 to combine the three bourses into the single Pakistan Stock Exchange. Analysts say the move is a likely attempt to lure “strategic investors” to Pakistan and would “allow Pakistani shares to be traded on the foreign markets.” The merger talks are expected to last a month. But there’s no firm date on when the union actually happens. The unveiling will likely take longer given that each bourse operates differently.
From our Aug. 29 – Sept. 5, 2015, issue.