Prime Minister Shehbaz Sharif on Thursday hailed the unprecedented performance of Pakistan’s stock market, as the benchmark KSE-100 Index crossed the coveted 100,000-point barrier.

In a statement, the premier credited the achievement to investor confidence in government policies and the efforts of the economic team to drive the national economy.

“The stock exchange crossing 100,000 points for the first time in history reflects the business community’s and investors’ trust in government policies,” PM Shehbaz was quoted as saying in a statement released by his office.

“The government’s economic team and officials working tirelessly to promote investment in the country deserve praise for achieving this milestone,” he added.

The Pakistan Stock Exchange (PSX) has witnessed a remarkable turnaround, with the benchmark KSE-100 Index registering a 150% return from 40,000 to 100,000 in just 17 months.

Experts say a combination of exchange rate stability, transition from one $3-billion Stand-By Arrangement to another longer facility with the International Monetary Fund (IMF), improvement in index-heavy sector’s earnings, and a general mood for stocks after monetary easing were just a few factors behind the KSE-100’s phenomenal rise.

Meanwhile, the prime minister, in his statement, pledged to take every possible measure to ensure Pakistan’s economic stability and progress.

He also noted that “the enemies of the country’s stability and progress are making malicious and futile attempts to derail the nation once again”.

The prime minister also reiterated his commitment to economic stability, highlighting recent achievements such as a decline in inflation and interest rate, which have dropped to 15% and record-high remittances.

“We will continue to work diligently for the country’s progress,” affirmed the PM, while vowing to thwart any attempts to undermine the country’s development.