Pakistan, Dec. 12 -- Shares of Pakistan International Airlines (PIA) have surged nearly 100% over the past two months, drawing attention from regulators. The Pakistan Stock Exchange (PSX) issued a notice seeking clarification from the airline over the sharp rise in both share price and trading volume. Investors have speculated that the government's upcoming auction of the airline is driving the rally.

The PSX asked PIA to explain the unusual trading activity. In response, PIA stated it was unaware of any material developments or undisclosed information that could have influenced the stock. Despite the airline's clarification, shares continued to climb, reflecting strong investor interest.

PIA shares were trading around Rs23 two months a...