Karachi: Pakistan stocks rose for the fourth day after the nation's central bank said it aims to resume cutting interest rates when inflation eases.
Oil & Gas Development Co., the nation's biggest explorer, gained 2 per cent to Rs119.35 (Dh5.19). Nestle Pakistan Ltd., the largest maker of dairy products, soared 4.3 per cent to Rs1,199.51.
The benchmark Karachi Stock Exchange 100 Index climbed 40.25, or 0.4 per cent, to 9,809.98. The gauge has risen 4.5 per cent this year. The measure is valued at 8.6 times estimated earnings, the lowest in Asia, according to data compiled by Bloomberg. Pakistan's stock market was closed on February 5 for a public holiday.
"Things have certainly improved," said Asad Farid, an economist at AKD Securities Ltd. in Karachi. "We expect the central bank to cut key benchmark rates by 50 basis points in March."
