On December 4, 2024, Dr. Shamshad Akhtar, Chairperson of the Pakistan Stock Exchange (PSX), commended the strategic partnership with the Chinese consortium for its pivotal role in achieving a historic milestone. Speaking at the Gong Ceremony, Dr. Akhtar highlighted the KSE-100 Index surpassing the 100,000-point mark, a moment she described as a testament to Pakistan’s economic resilience and growth potential.
In her address, Dr. Akhtar underscored the importance of collaborative efforts between PSX and its Chinese partners in driving market growth. She emphasized the role of the government in fostering a conducive environment for economic development through well-targeted programs. Reflecting on PSX’s performance, she noted that the exchange has delivered a 7% return in dollar terms over the past five years, making it one of the top-performing markets globally.
“Ahsan Iqbal has been a voice for developing countries at the United Nations,” Dr. Akhtar stated, welcoming the federal minister and praising his contributions to economic progress both nationally and globally. She further reiterated PSX’s critical role in financing long-term development projects, positioning it as an essential asset for Pakistan’s economic future.
Chief Guest Ahsan Iqbal, speaking at the ceremony, echoed Dr. Akhtar’s sentiments, celebrating the crossing of the 100,000-point milestone as a significant achievement that showcases Pakistan’s economic potential to the world. He reaffirmed the federal government’s commitment to supporting initiatives that strengthen the capital market and contribute to sustainable economic development.
Addressing the nation’s recent economic challenges, Mr. Iqbal recalled the dire state of the economy in April 2022 when the government assumed office. “Pakistan was on the verge of default. The choice was to save politics or the state,” he said, crediting the government’s decisive actions, such as stabilizing energy resources, for the country’s turnaround.
He highlighted key economic achievements, noting, “Inflation has dropped from 38% to below 5% in two years, and the stock market has soared from 30,000 to 100,000 points.” These improvements, he asserted, reaffirm Pakistan’s stock market as one of the most successful globally.
PSX’s Managing Director and CEO, Farrukh H. Sabzwari, also addressed the event, attributing the milestone to the collective efforts of market participants and stakeholders. He remarked, “KSE-100 Index surpassing 100,000 points underscores the trust of investors in Pakistan’s economy.”
However, Mr. Sabzwari stressed the importance of reflection and further action. “For PSX management, this is a time for serious reflection. We need to move expeditiously on increasing investor numbers, listing more companies, and ensuring we make PSX a true representative of GDP,” he stated.
The celebration of this historic milestone reflects renewed enthusiasm in the market, underscoring the significant strides made in fostering economic stability. As Pakistan continues to strengthen its capital markets, milestones such as this highlight the potential for sustained growth, driven by strong policies and global partnerships.