KARACHI: The Pakistan Stock Exchange gained 500 points in the intraday trade here on Wednesday as the investors showed confidence in the market following the “good progress” vis-a-vis privatisation of the Pakistan International Airlines (PIA).
The development comes following the appointment of former State Bank governor Tariq Bajwa as the PIA Holding Company’s board chairman. The board received the nod of the federal cabinet on Tuesday.
The move bodes well for the privatisation of the PIA as its assets and liabilities are set to be transferred to the newly appointed board – which is expected to register itself with Securities and Exchange Commission of Pakistan.
The bourse currently stands at 66,426.85 points at 11:14AM, up by 500 points from the previous close of 65,906.27.