ISLAMABAD: A formal memorandum of understanding (MoU) was signed Thursday in the presence of Finance Minister Ishaq Dar to merge the stock markets of Karachi, Lahore and Islamabad into a single entity by the name of ‘Pakistan Stock Exchange’.

Finance Minister Ishaq Dar on the occasion said the new integrated capital market would be well received in internationally, adding that soon Pakistan would be regarded as an emerging capital market.

Dar said Pakistan’s economy was growing on the back of the government’s hard work and comprehensive economic policies.

“Financial and oil experts have predicted that Pakistan would be the 18th most stable economy of the world by the year 2018; but the government wants to attain this aim in half the time,” said the finance minister.

Dar said the government’s primary goal after coming into power was to avert the threat of default, and to strengthen the national economy.

On Tuesday, a meeting was held at the Securities and Exchange Commission of Pakistan (SECP) to discuss the way forward for the country’s capital market in view of the global trend towards consolidation and integration of stock exchanges.

Take a look: Pakistan Stock Exchange to replace existing bourses.

The integration is expected to help reduce market fragmentation and create a strong case for attracting strategic partnerships necessary for providing technological expertise and assistance.