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Economy

With Pakistan bourse investment, China tightens economic grip

Partnership brings tech upgrades, chance for cross-listing

Inside the Pakistan Stock Exchange in Karachi.

NEW DELHI -- A Chinese consortium's pending investment in the Pakistan Stock Exchange looks to link the South Asian nation's economic fortunes even more closely to the continent's superpower -- a potential win for both sides as Beijing's pan-Asian development efforts advance.

Three Chinese bourses -- the China Financial Futures Exchange, Shanghai Stock Exchange and Shenzhen Stock Exchange -- along with two financial institutions in Pakistan are set to take a 40% stake in Pakistan's only stock exchange, known as PSX, the exchange said Dec. 22. The consortium's bid totals around 9 billion Pakistani rupees ($85.8 million) at 28 rupees per share. Representatives of both sides, along with Pakistani Finance Minister Mohammad Ishaq Dar, will meet Jan. 20 to ink an official sale agreement, a PSX official said.

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