PSX welcomes planning minister with gong ceremony

KARACHI: The Pakistan Stock Exchange (PSX) held a gong ceremony on Tuesday to welcome Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal.

The federal minister struck the gong to open the trading day in the presence of Chairperson of the PSX Dr Shamshad Akhtar; MD & CEO of the PSX Farrukh H Sabzwari; PSX board members and other officials, senior Bankers, members of capital market fraternity, key stakeholders and distinguished guests.

Akhtar, while welcoming the distinguished guests, said, “Ahsan Iqbal has been a voice for developing countries at the United Nations.” Sheh praised the federal minister’s contributions to global and national economic progress, adding that the PSX remains one of the best-performing markets in the region, driven by strong economic indicators and policies.

She shed light on the role of the government in fostering market growth through targeted programmes. She said that ever since the PSX crossed the 100,000-point mark, there has been renewed enthusiasm in the market. Per Akhtar, the PSX’s ability to finance long-term developmental projects makes it a critical asset for Pakistan’s economic future. She also mentioned how Pakistan’s partnerships with the Chinese consortium played a role in supporting the exchange’s growth journey.

Ahsan Iqbal acknowledged the significant role of the capital market in Pakistan’s economic growth. He congratulated the PSX management on behalf of Prime Minister Shehbaz Sharif and added that the 100,000 mark displays the country’s potential to the world. “The government remains committed to supporting initiatives that strengthen the capital market and contributes to sustainable economic development,” he added.

Addressing the nation’s recent challenges, he 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 stabilising the economy. “Inflation has dropped from 38 per cent to below 5.0 per cent 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.

Sabzwari added that the KSE-100 index’s recent accomplishment points to the collective efforts of market participants and stakeholders, reflecting the trust of investors in the economy. “We need to move expeditiously on increasing investor numbers, listing more companies and ensuring we make [the PSX] a true representative of GDP.”Prominent representatives from brokerage houses, asset management companies and senior bankers attended the gong ceremony.