ISLAMABAD: Prime Minister (PM) Shehbaz Sharif congratulated the nation as the Pakistan Stock Exchange’s (PSX) KSE-100 index exceeded the historic mark of 90,000 points.
The prime minister said that the gradual increase in stock market since March 2024 reflected growing investor confidence on the government policies, a statement issued by the PM House read.
“Such a swift surge in Pakistan’s stock market after 14 years is result of untiring efforts of the economic team,” PM Shehbaz said.
PM Shehbaz said that the 36 percent increase in the stock market since March 2024, the ‘significant’ reduction in inflation rate, and overall economic stability in the country are the results of efforts made by the government’s economic team.
The prime minister said the inflation rate declined from 38 percent to 6.9 percent, adding that the current account also been in surplus for the last two months.
PM Shehbaz said that during the previous quarter, the overseas Pakistanis dispatched record remittances worth US$8.8 billion.
The prime minister emphasised that process of revising the contracts made with the Independent Power Producers (IPPs) has also been initiated to provide maximum facilitation to the power consumers.
PM Shehbaz said that the long-term US$7 billion facility from the International Monetary Fund (IMF) would also improve the country’s economy.
“Dreams of those wishing Pakistan fell into default have been broken. I had pledged with the people that I would not let the country, obtained through millions of sacrifices, falling victim to the consequences of the negligence of those who were incompetent. We saved the country by sacrificing our politics,” he added.The prime minister hoped that more good news regarding the improvement of the economy would be coming in the coming days.
Read More: PSX crosses 90,000-point barrier in new all-time high
Earlier in the day, the Pakistan Stock Exchange (PSX) achieved a remarkable feat on Friday, as the KSE-100 index broke through the 90,000-point barrier in intra-day trading.
The index was trading at 90,087.41 points at 11:58 am, representing a 1.25% increase from the previous day’s close of 88,945.98.
Mohammed Sohail, chief executive of Topline Securities, noted that the stocks reached the 90,000 mark in one of the fastest record gains of 125pc in 18 months.
The PSX’s upward momentum continued throughout the week, with the index surpassing the 89,000 mark on Thursday.
Most analysts predict the State Bank of Pakistan (SBP) will reduce its policy rate by 200 basis points in its upcoming meeting on November 4. This would mark the fourth consecutive rate cut since June.
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