ISLAMABAD: Pakistan’s KSE-100 Index surged to an all-time high of 128,475.69 points on Tuesday, the first day of the new fiscal year, with Prime Minister Shehbaz Sharif calling it a sign of growing investor confidence in the economy and government policies.
By market close, the benchmark index settled at 128,199.42, up 2.05% or 2,572 points from the previous close of 125,627.31. More than 336 million shares had changed hands, according to market data.
“The stock market’s record-high performance is evidence that business leaders and investors are growing increasingly confident in the economy and in the government’s policies with each passing day,” the prime minister said in a statement issued by his office.
The milestone builds on a strong showing in the previous fiscal year, when the KSE-100 Index rose by 60%, according to Karachi-based Topline Securities.
The brokerage credited the performance to macroeconomic stability, improved credit ratings and a shift toward looser monetary policy.
Sharif also noted the stock market’s performance was reflective of the country’s economic gains.
“The past year’s gains were the result of effective economic planning and policy execution,” he said, adding the new fiscal year would serve as a milestone in Pakistan’s journey toward long-term stability.
Pakistan is seeking to consolidate its financial recovery after years of economic turbulence.
In recent years, the country has undertaken difficult structural reforms under International Monetary Fund loan programs aimed at curbing fiscal deficits and restoring investor trust.
Sharif also thanked the business community for its support and reiterated his government’s commitment to strengthening the investment environment.
“We are grateful to our business community and investors who continue to support the government in its efforts for national progress and prosperity,” he said.
“The government remains committed to improving the ease of doing business and creating a more investment-friendly climate.”
The prime minister also commended his economic team for helping deliver a strong start to the new fiscal year.
