A Keynote Address on “Capital Market in Pakistan: History and Future” was delivered by Dr. Yasir Mahmood at the National Institute of Public Administration (NIPA), Lahore for the participants of 45th MCMC. The speaker provided a comprehensive overview of the evolution, current status, and economic significance of Pakistan’s capital market. He dispelled common myths surrounding capital markets and emphasized their critical role in driving national economic development.

Tracing the historical evolution, the speaker highlighted the impact of economic liberalization in 1991 on Pakistan’s stock market and explained the remarkable growth of the KSE-100 Index since its inception. He compared equities with other asset classes such as gold, foreign currency, and real estate, demonstrating that equities have delivered superior long-term returns. The role of capital markets in efficient allocation of savings and long-term economic growth was also emphasized.

The speaker further discussed key parameters for evaluating capital markets, including size, reach, depth, breadth, and activity, noting Pakistan’s structural gaps in comparison to global markets. He underscored the need for financial literacy, regulatory reforms, and wider investor participation to strengthen the capital market. The keynote address concluded with a question-and-answer session, enabling participants to engage on investment strategies, market perceptions, and future prospects.