ISLAMABAD, Aug 15: The Karachi Stock Exchange may sign an agreement with the Dubai Financial Market (DFM) in October to cross list companies and soak up liquidity in the second-largest Arab economy, an official said.

“The draft agreement for listing is almost done but there are some issues which need to be ironed out before we can formalise the arrangements,” Qaiser Anis, president of Abu Dhabi-based Pakistan Business Council told Zawya Dow Jones.The listing of 10 Pakistani stocks on the Dubai bourse has been delayed by regulatory approvals and legal “irritants”, Anis said.

The business council, which is playing matchmaker between the UAE and Pakistani markets, plans the first Dubai listing of Pakistani firms in which UAE investors have major stakes, Gulf Times reported.

PTCL, which is 26pc owned by UAE Emirates Telecommunications Corp (Etisalat), is a priority listing in the UAE, Anis said.

United Bank Limited, Bank Alfalah and Oil & Gas Development Corporation are also being considered, he said.

Anis said the agreement between the Karachi and Dubai exchanges will speed up the listings. “After that, formal signing of agreement and approvals from regulators are the only hurdles.” he said.—APP