Business | Markets
Bank stocks lead gainers on Pakistan's main index
Pakistan's benchmark stock index rose for a third day on expectation faster economic growth will increase company profits. National Bank of Pakistan, the nation's biggest lender by assets, led gains.
- Bloomberg
- Published: 00:30 February 15, 2008
Karachi: Pakistan's benchmark stock index rose for a third day on expectation faster economic growth will increase company profits. National Bank of Pakistan, the nation's biggest lender by assets, led gains.
The Karachi Stock Exchange 100 Index added 166.57 points, or 1.2 per cent, to close at 14,282.62. National Bank rose Rs11.55, or five per cent, to Rs242.80.
Companies are reporting improved earnings as economic growth, forecast by the government to increase to 7.2 per cent this fiscal year from seven per cent last year, stokes demand for goods and services.
"Decent dividend and bonus announcements today and in the last few days by companies attracted investors,'' said Farhan Mahmoud, research analyst at JS Global Capital. The prospect of elections being held without any further delay is "also supporting market sentiments.''
Habib Bank, Pakistan's largest bank by branches, announced that it plans to pay a year-end cash dividend of Rs4 a share and give out one share for every 10 held.
United Bank plans to a pay a year-end cash dividend of Rs3 a share and give one free share for every four held.
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