Pakistan launches first unified stock exchange

Karachi: Pakistan on Monday launched its first unified stock exchange after merging three bourses to become the single share trading entity in the country with Federal Finance Minister Ishaq Dar promising a brighter economic and financial future.

Dar formally inaugurated the Pakistan Stock Exchange Limited (PSX) in Islamabad after the merger of the three stock exchanges of Lahore, Karachi and Islamabad.

The Karachi Stock Exchange was the main bourse in the country and attracted millions in foreign investment with the Lahore and Islamabad exchanges behind in trading and volume shares as well.

Dar said the launch of the PSX was a dream come true for him and it would help make Pakistan an attractive destination and hub for foreign investors.

"Today is a historic day for Pakistan. It took 15 years to make the PSC dream come true. The KSE will now be called PSX," he said.

Referring to some of the internal bickering still going on behind the scenes after the formation of the unified PSX, he said all issues can be resolved with honesty and sincerity.

"Government's vision is very clear on law-making. With honesty and sincerity everything can be done," he said.

He said the second phase of the Stock Exchanges Demutualisation and Integration Act 2012, passed by a joint session of parliament had been completed on Monday.

"The government is laying lot of emphasise on resolving the power and energy crisis in the country and by 2018 we will have around 10,000 megawatts additional power in the national grid," he said.

"This all part of a roadmap to revive Pakistan's economy which is now getting better although in 2012-13 we were facing a dangerous situation in many ways," he said.

"The international ratings of Pakistan have become positive and we are now attracting more foreign investments," he said.

Dar said Pakistan has foreign exchange reserves for at least six months. "Around 22 international institutions have recognised the Pakistani economy as a stable macro economy."