Miftah Ismail says KSE-100 Index 'going up at Shehbaz speed'

PML-N leader and former finance minister Miftah Ismail said on Monday that Pakistan Stock Exchange (PSX) is "going up at Shehbaz Speed," a tweet that comes on the day the benchmark index stormed past the 46,000-point level on account of political clarity.

In a series of tweets, Miftah suggested that the appointment of Shehbaz Sharif as the premier augured well for the economy and was well-received by market forces.

"Stock market is again going up at Shehbaz Speed. Market up over 1400 points. The dollar now trading close to 183. Alhamdolillah," Miftah said in a tweet on the day the KSE-100 Index increased by 1,700 points, its highest increase on a daily basis in terms of points.

In another tweet, he wrote that PSX increased by 1700 points in one day, adding: "This is the largest single day increase in Pak’s history."

"In two days our equity market (value of our companies) has increased by 5.4% or 2357 points. The rupee has also increased in the value to 182.5/$," he said.

Sharing his view on Shehbaz's announcement to raise the minimum wage to Rs 25,000 per month, he said that the move would allow "workers to face PTI’s daunting inflation".

"New PM also requests that employers give a 10% increase to all people making less than Rs 100,000/ month."

Explaining why Pakistan's industrialists and exporters should not worry about their "wage bill increasing" due to PM Shehbaz's decision to increase the minimum wage, he said: "Remember just in two days your market cap has gone up by 5.4%.

"PM MSS’s govt is here to help you export, grow and earn more," he added.

Pakistan Muslim League-Nawaz (PML-N) President Shehbaz Sharif, the former chief minister of Pakistan's largest province Punjab, was elected by the National Assembly on Monday as the 23rd prime minister of Pakistan following a no-trust motion that ousted Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan as premier during the weekend.

The development came after PTI lawmakers announced mass resignation, and boycotted the session, paving the way for Shehbaz to secure a total of 174 votes, the same number that was registered during the no-trust motion against Khan.