Pakistan's KSE-100 index hits record high as new fiscal year begins
As of midday, the benchmark index was trading at 127,418.98, up 1.43 percent or 1,791 points from the previous close of 125,627.31. More than 262 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 percent, 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.
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