Shanghai Stock Exchange is among the several international firms that have expressed interest to acquire 40 percent stake in Pakistan's Stock Exchange Ltd, Pakistani Stock Exchange's Managing Director Nadeem Naqvi said on Monday.

Pakistan Stock Exchange Limited was formed in January 2016, after the incorporation of  Karachi Stock Exchange, Lahore Stock Exchange, and Islamabad Stock Exchange.

Like Us on Facebook

"By late August, early September expressions of interest were received, including from Shanghai Stock Exchange," Nadeem Naqvi told Reuters in a telephonic interview. "The final outcome will be known by early November."

All interested firms will have to submit their bids by October 21, Naqvi added.

Pakistani officials say the winning bidder will have to buy at least 15 percent stake but not higher than 40 percent. If the stake is anything in between, the stock market will sell the balance to other institutions to meet the 40 percent cap.

Buoyed by the improving economy, Pakistani bourses are currently trading at all-time high. According to Bloomberg, the Pakistani benchmark stock market index is the third-best performer in the world since 2009.  The total market capitalization of Pakistani stock exchange is $77 billion.

Pakistan's stock market also received huge confidence earlier this year when global index provider Morgan Stanley Capital International (MSCI) upgraded it to Emerging Market status from the lower-tier Frontier market segment.

Recently Pakistani markets have been under pressure due to the ongoing tension with India. Last week, Pakistani stock market crashed as the tension with India showed no sign of abetting. 

TagsShanghai Stock Exchange, Pakistan Stock Exchange, Karachi Stock Exchange, china, Pakistan