The Finance Advisor of Khyber-Pakhtunkhwa, Muzzammil Aslam, has stated that the current stock market is below not only the 2017 levels but even those of 2007.
He noted that the market is now valued at $40 billion, a significant drop from $100 billion in 2017.
In his statement, Aslam commented on the claims made regarding the Pakistan Stock Market Index reaching historic highs.
He expressed concern that the Prime Minister and his advisors frequently assure improvements in the economy based on stock market performance, while the true state of the market is evident to all.
He pointed out that the index was at 51,000 in 2017 and currently stands at 86,000. He highlighted the disparity in the overall market valuation, stating that it is now only $40 billion compared to its peak of $100 billion in 2017. "This is why Khan Sahib says the educated are not learning," he remarked.
Aslam further elaborated that the current stock market value is not only below 2017 but also 2007, suggesting that even prior to the nuclear tests in 1999, the market valuation was better than it is today.
Commenting on the Punjab government’s initiatives, Aslam mentioned discussions with company officials regarding the ongoing solar programme in Khyber Pakhtunkhwa.
He referred to a recent announcement by a Punjab official about a solar panel distribution project worth Rs700 billion.
The company officials, he said, laughed and pointed out that only Rs5 billion had been allocated in the budget, while Punjab's previous farmer package announced a whopping Rs1.8 trillion, but allocated just Rs5 billion for farmers in the budget.
Aslam concluded by criticising the recent announcements of savings for consumers using 500 units, which were later modified to include those using 200 to 500 units and then reverted to single-phase meters.
He noted that after two months, there was no tangible relief, indicating that the promised support was largely confined to advertisements.
PSX continues record-breaking streak, surpasses 86,000 points during intra-day trading
The Pakistan Stock Exchange saw a significant surge on Wednesday, pushing the KSE-100 index to an all-time high of 86,146 points during intra-day trading.
This marks the third consecutive day of gains, driven by a combination of foreign investment and expectations of reduced interest rates.
The market opened with strong momentum, with the KSE-100 index gaining 254 points, quickly hitting a new peak of 85,918 points.
As the session progressed, the index rose further by 484.83 points, crossing the historic 86,000-point threshold.
Analysts attribute the rally to multiple factors, including declining inflation, anticipated reductions in interest rates, and increased foreign investment following Pakistan's participation in the IMF programme.
Additionally, prospective investments from Saudi Arabia and Gulf countries in the oil and gas sector have contributed to the positive sentiment.
The market's upward trend has resulted in significant gains for several sectors, particularly in oil, gas, fertiliser, and banking.
Institutional investors and foreign stakeholders have been actively driving the capital market higher, with foreign investment rising by 17% this year. The trade deficit has also come under control, further supporting investor confidence.
The KSE-100 index had previously reached a record high of 85,663 points on Tuesday, highlighting the market's sustained upward momentum.
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