Stocks surge reflects investors’ growing trust: PM

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday felicitated the nation as the Pakistan Stock Exchange 100-index exceeded the historic mark of 90,000 points.

In a statement issued by the PM Office, the prime minister said that gradual increase in the stock market since March 2024 reflected growing investor confidence in the government policies.

“Such a swift surge in Pakistan’s stock market after 14 years is a result of untiring efforts of the economic team,” he said. He attributed the 36 percent increase in the stock market since March 2024, a significant reduction in the inflation rate and overall economic stability in the country to the efforts of the economic team.

He said the inflation rate had eased down from 38 percent to 6.9 percent while the current account had also been in surplus for last two months. During the previous quarter, he said, the overseas Pakistanis dispatched record remittances worth $8.8 billion.

Similarly, the prime minister emphasised that the process of revising the contracts made with the independent power producers (IPPs) had also been initiated to provide maximum facilitation to the power consumers.

Furthermore, he said that the long-term $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,” Shehbaz said, adding that he had pledged with the people that he would not let the country, obtained through millions of sacrifices, fall victim to the consequences of the negligence of those who were incompetent. He said, “We saved the country by sacrificing our politics.” The prime minister hoped that more good news regarding the improvement of the economy would come in the coming days.