Pakistan Stock Exchange, combining all the three stock exchanges, including the benchmark Karachi Stock Exchange (KSE-100) was formally launched on Jan. 11.
The index of the Pakistan Stock Exchange, launched by Finance Minister Ishaq Dar at a ceremony in Islamabad, is “PSX”.
Pakistan’s three leading bourses – Karachi, Lahore and Islamic Stock exchanges – last year signed an agreement to merge the three stock exchanges into a single entity in the backdrop of the global trend of consolidation and integration of stock exchanges.
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.
Pakistan Stock Exchange will help bring all investment at a one platform and will provide an increase capital market outreach.
“I think Pakistan has a great future and I have great faith, but we still have to go a long way,” Dar was quoted as saying by the Dawn Newspaper at the launching ceremony organized by Security and Exchange Commission of Pakistan.
In its latest report on Pakistan in July, Bloomberg New included Pakistan among the world’s top 10 performers over the preceding 12 months with an advancement of about 16% in the benchmark KSE-100.
Pakistan’s economy has stabilized since the government of Prime Minister Nawaz Sharif took over in 2013 and the economy posted 4.26 growth in the year that ended on June 30.
The World Bank, in a latest report titled “January 2016 Global Economic Prospects”, has projected Pakistan’s economy to accelerate to 4.5 percent I the year ending June 30. The report noted that a crackdown on the violent crime in the country’s commercial capital of Karachi has boosted investors’ confidence. Karachi is also home to benchmark KSE exchange, now part of PSX.