AN EMERGING RETURN

摘要

In June, the Pakistan Stock Exchange (PSX) was due to become listed on its own market. This was the final leg of a journey that included the demutu-alisation and integration of three regional exchanges, international rehabilitation, and the search for an outside investor. The man at the helm was Nadeem Naqvi, PSX managing director until June 2017. The financial meltdown of 2008 hit the Karachi Stock Exchange, then a constituent of the MSCI Emerging Markets index, as badly as any other market. International investors sold en masse and the market was closed for a few days. When it reopened, a 'floor' was imposed in an attempt to reimpose order.