Dar congratulates nations on PSX’s historic achievement of crossing 50,000 point benchmark

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ISLAMABAD, Jan 24 (APP): Finance Minister, Senator Mohammad Ishaq Dar Tuesday congratulated Prime Minister, Muhammad Nawaz Sharif and nation on historic achievement of Pakistan Stock Exchange (PSX), which crossed 50,000 points benchmark in trading for the first time in the history.
“It is a historic day for Pakistan,” the finance minister said in an interview with Pakistan Television (PTV), adding this reflects the potential the country was having.
The minister said earlier there were three stock exchanges including Karachi Stock Exchange, Lahore Stock Exchange and Islamabad Stock Exchange and we were of consistent view that unless all these exchanges were merged, the chances of progress were very limited.
After the merger the PSX had witnessed considerable growth and had been declared among fifth performing markets, the minister said.
The minister said the merger had been bearing fruits as the PSX continued its record-breaking upward trajectory on Tuesday by crossing 50,000 barrier.
The minister said due to prudent policies of the government, the economy had been put on growth path and the macroeconomic indicators were showing positive performance.
He said the GDP growth witnessed eight years highest value and this
year, over 5 percent growth rate would be achieved, adding the world organizations including World Bank, Asian Development Bank had also predicted five percent plus growth rate for Pakistan.
He said at a time when the growth was witnessing declining trends in
the world, the GDP was witnessing positive growth in the country.
He, however was of the view that Pakistan would have to follow best practices of the world to keep on the journey of progress.
The minister said the government was paying equal attention towards all the sectors of economy including Industry, which shares 21% in GDP, Agriculture with 21 percent and services sector with 58 percent GDP share.
He said there had been some worrisome situation in case of exports, however it was due to global prices that exports in terms of dollars witnessed decrease.
He said in terms of quantity, the exports of many commodities witnessed positive growth during the current year.
He said the government had announced incentive packages for export and agriculture sectors to make the Pakistani products competitive in the international market.
He said during the first five months (July-November), the Large Scale Manufacturing (LSM) sector witnessed 8 percent growth whereas the agriculture major crops sector grew by 10 percent.
The minister said Companies Bill had been laid before the parliament to make maintenance of global assets registration mandatory.
According to this law, the companies would have to record their global assets and report Securities and Exchange Commission of Pakistan.
He was of the view that the business community should be provided a chance to declare their global assets as the practice has been exercised in many countries.