Karachi, December 3, 2024: Pakistan Stock Exchange (PSX) held a Gong Ceremony to formally welcome Mr. Ahsan Iqbal, Federal Minister for Planning, Development, and Special Initiatives – Government of Pakistan.
The gong was struck by the Federal Minister to open the trading day amidst the presence of Chairperson PSX, Dr. Shamshad Akhtar; MD & CEO PSX, Mr. Farrukh H. Sabzwari, PSX Board Members, PSX Management, Senior Bankers, members of capital market fraternity, key stakeholders and distinguished guests.
Dr. Shamshad Akhtar, Chairperson Pakistan Stock Exchange welcoming the distinguished guests said, “Ahsan Iqbal has been a voice for developing countries at the United Nations,” praised the federal minister’s contributions to global and national economic progress. She noted that the Pakistan Stock Exchange remains one of the best-performing markets in the region and the world, driven by strong economic indicators and policies.
Dr Akhtar emphasized the role of the government in fostering market growth through targeted programs. “Crossing 100,000 points last week has brought renewed enthusiasm to the market,” she said, adding that the PSX’s ability to finance long-term developmental projects makes it a critical asset for Pakistan’s economic future. Reflecting on the market’s performance, Dr Akhtar pointed out that the PSX has delivered a 7% return in dollar terms over the past five years. She also underscored the importance of partnerships with the Chinese consortium in supporting the exchange’s growth journey, asserting that crossing the 100,000-point milestone in the KSE-100 Index highlights Pakistan’s potential to the world.
Mr. Ahsan Iqbal as the Chief Guest at the ceremony, acknowledged the significant role of the capital market in Pakistan’s economic growth.
Mr. Ahsan Iqbal addressed the gathering, congratulating the Board & Management of PSX on behalf of Prime Minister of Pakistan Mr. Shahbaz Sharif and shared his thoughts on the achievement: “Crossing the 100,000 mark in the 100-Index showcases Pakistan’s potential to the world. The federal government remains committed to supporting initiatives that strengthen the capital market and contributes to sustainable economic development.”
Addressing the nation’s recent challenges, Mr. Ahsan Iqbal said, “In April 2022, when we took charge, Pakistan was on the verge of default. The choice was to save politics or the state.” He credited the government’s tough decisions, such as increasing energy prices and delaying elections, for stabilizing the economy.” “Inflation has dropped from 38% to below 5% in two years, and the
stock market has soared from 30,000 to 100,000 points,” he noted, highlighting the PSX as one of the most successful markets globally.”
Speaking at the occasion, MD/CEO PSX, Mr. Farrukh H Sabzwari, stated, “It is an honor to welcome Mr. Ahsan Iqbal (Federal Minister for Planning, Development & Special Initiatives) to the Pakistan Stock Exchange as we celebrate this achievement. KSE-100 Index surpassing 100,000 points underscores the collective efforts of market participants & stakeholders, reflecting the trust of investors in Pakistan’s economy. For the management of PSX, this is a time for serious reflection. We need to move expeditiously on increasing investor numbers, listing more companies and ensuring we make Pakistan Stock Exchange a true representative of GDP ”
Prominent representatives from brokerage houses, asset management companies and senior bankers attended the Gong Ceremony. The event was also an opportunity to recognize all stakeholders’ efforts in achieving this important milestone.
