ISLAMABAD: Pakistan’s benchmark index jumped as much as 2.8% in early trade on Wednesday, climbing to a record high after the country’s stock market was reclassified overnight and included in the MSCI’s ‘emerging market’ index category.
After reclassification by the US analytic firm, Pakistan is likely to receive about $475 million foreign portfolio investment in the next one year, said a visibly beaming finance minister. “It was one in a million chance, though we were very confident that Pakistan will be there,” Ishaq Dar said while felicitating the nation.
Dar also used the occasion to announce that “Pakistan no more needs the International Monetary Fund’s support after conclusion of the upcoming last review of the $6.2 billion bailout programme”. He said Pakistan’s reclassification also acknowledged the nation’s progress in macroeconomic stability, which, he said, the government achieved ahead of the people’s expectations.