Soaring to an “unprecedented” all-time high well above the 53,000 mark, Pakistan Stock Exchange was quick to cash in on the euphoria. The bullish gains are said to have been brought about by the formal announcement of the general polls and speculations about the upcoming release of the next tranche by the IMF team. As investors foresee an about-turn in the presently sky-touching interest rate and headline inflation, reduced economic uncertainties might finally spell the end to the proverbial dark tunnel. But while different mainstream players rush to claim their share in the glory with some calling it an umpteenth validation of former prime minister Nawaz Sharif’s arrival and others acknowledging the merits of sagacious decisions taken by the caretaker administration, there still appears a need to be cautious in the celebrations. Between the steep depreciation of the rupee humbling the share market’s recovery and businesses keen for a single ray of sunshine, the ongoing phenomenon can be called a temporary respite from the usual doom and gloom but the fact that our economy still stands at the edge of the precipice is enough reason to demand lasting reforms from the authorities. The upcoming government would have to painstakingly fix the fundamentals. Only then should we allow high spirits to proclaim the ushering in of a new era of prosperity. As for the stock exchange, failure to correct the glaring loopholes only allows the one percenters to game the system at the expense of small investors. They continue to advance their own agendas while protecting themselves whenever things are likely to go out of hand. We saw the horrors of bloodbaths in 2005 and 2008 where innumerable traders were completely wiped out just because those supposed to keep a vigilant eye slept on the wheel. A further strengthening of the currency might help hold the bulls for a little longer but only structural reforms and a determined resolve hold the key to sustainable progress. *