KARACHI/ISLAMABAD: Pakistan Stock Exchange formally started functioning in Karachi Monday after the merger of the stock exchanges of Karachi, Lahore and Islamabad.
Finance Minister Ishaq Dar inaugurated the Pakistan Stock Exchange at a ceremony in Islamabad today. The index of the Pakistan Stock Exchange is ‘PSX’.
Addressing the launching ceremony, Finance Minister Ishaq Dar said a number of countries have shown interest for investment in Pakistan in different fields. He said after the economic reforms and improvement of economy, Pakistan has become an attractive destination for investment.
He referred to forty-six billion dollars package under China Pakistan Economic Corridor. He said Saudi Arabia is also thinking to invest in Pakistan in petro-chemical, energy and refinery.
Ishaq Dar said predictions of default have been buried and now Pakistan’s economy has been recognized by twenty-two international institutions as stable economy. He said now we are focusing on consolidation of economy. He said Pakistan has a robust future.
Finance Minister said we have to take the country forward on the path of progress and prosperity and Pakistan Stock Exchange has an important role in this regard. He said our next target is to create job opportunities.
He said it is the goal of PMLN Government to make Pakistan a sovereign, developed and prosperous country and added they are moving forward in that direction. He said there should be no politics on projects of national importance and once again called for a joint economic road map.
The Minister said the Government according to its manifesto is working on four Es that is improving economy, overcoming energy shortage, curbing extremism and promotion of education. He said parallel work is continuing on these sectors.
He said as a result of Karachi Operation, peace has returned to Karachi and business activities are flourishing. Under social safety net, he said number of beneficiaries of the BISP has been increased from three million to 5.3 million families.
The integration of three exchanges has completed the second phase of the Stock Exchanges Demutualisation and Integration Act 2012, passed by a joint session of parliament. The integration of three exchanges will pave the way for more foreign investor’s interest.
A new integrated national bourse, the Pakistan Stock Exchange, has replaced the stock markets of Karachi, Lahore and Islamabad as all three exchanges have now been formally inducted into the unified PSX.
Prior to the formal launch today, the Karachi Stock Exchange held a two-day pre-production mock trading session for all certificate holders of the three bourses on Saturday and Sunday.
The integration is expected to help reduce market fragmentation and create a strong case for attracting strategic partnerships necessary for providing technological expertise and assistance.
