PSX edges higher following PIA privatization

The Pakistan Stock Exchange (PSX) on Wednesday began trading on positive note following the privatization of Pakistan International Airlines (PIA) on Tuesday as the benchmark KSE-100 Index gained 82 points.

At 11:40am, the benchmark index was trading at 171,155.78, a gain of 82.05 points or 0.05%.

Buying interest emerged in key sectors such as commercial banks, fertilizer, oil and gas exploration companies, OMCs, and refineries.

On Tuesday, the Pakistan Stock Exchange (PSX) closed with most benchmark indices in the red as selling pressure continued across several sectors.

The benchmark KSE-100 Index settled at 171,073.73 points, recording a decline of 130.44 points, or 0.08%.

Meanwhile, the Pakistani rupee strengthened slightly against the US dollar in early interbank trading on Wednesday, appreciating by 0.07%.

At around 10am, the local currency was trading at 280.00 per dollar, up Rs0.21 against the greenback. On Tuesday, the rupee had closed at 280.21.

PIA’s assets: Are they worth more than the sale price?

The federal government has sold the Pakistan International Airlines (PIA), to a private group for Rs 135 billion, a price that critics say is well below the actual value of national carrier’s assets. The Government of Pakistan offered five PIA properties, all aircraft, and domestic and international routes and operations for privatization. According to the Privatization Commission, PIA’s total assets range between Rs 150 billion and Rs 190 billion. The national airline has 32 aircraft, of which 16 are grounded. PIA operates daily flights on 45 international and 25 domestic routes, running around 70 flights per day. PIA has 9,500 employees, who will […]

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