Pakistan Stock Exchange (PSX) Managing Director Farrukh Khan has resigned from his position, sparking discussions about the future leadership and underlying reasons behind his departure amidst record highs in the market.
The resignation of Farrukh Khan, who was reportedly the highest-paid MD in the history of the stock exchange, prompted an emergency meeting of the PSX Board of Directors. Sources indicate that the board cannot legally reject his resignation, highlighting the sudden nature of the decision.
Farrukh Khan said that he has resigned for a better future.
Ahmed Chinoy, a board member of the Pakistan Stock Exchange, expressed surprise over Khan's resignation, stating that the reasons behind it were not clearly communicated to the board. He said Khan was the highest-paid MD in the history of the stock exchange,
Speculation suggests that differences between Khan and the chairperson of the Stock Exchange, Shamshad Akhtar, may have contributed to his decision to step down.
Market performance
Despite the leadership turmoil, the Pakistan Stock Exchange witnessed robust performance on the trading floor. The market remained at an all-time high, with the benchmark KSE-100 index rising by 180 points to reach 80,463 points after noon. This marks the fifth consecutive day of gains, reflecting investor confidence and positive sentiment in the market.
Khan's resignation comes at a critical juncture for the Pakistan Stock Exchange, which has been enjoying a bullish trend in recent sessions.
