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Equities in Pakistan rise on corporate profit outlook
Pakistan's benchmark index rose on speculation higher corporate profits and improved security will persuade investors to buy stocks. Nestle Pakistan Ltd, the nation's largest maker of dairy products, led gains.
- Bloomberg
- Published: 23:26 January 28, 2008
Karachi: Pakistan's benchmark index rose on speculation higher corporate profits and improved security will persuade investors to buy stocks. Nestle Pakistan Ltd, the nation's largest maker of dairy products, led gains.
The Karachi Stock Exchange 100 Index rose 24.45 points, or 0.2 per cent, to 13,880.81 at close. Nestle Pakistan gained Rs77, or five per cent, to Rs1,627, its biggest increase since September 12.
"The market moved up with buying on upcoming corporate announcements," said Atif Malek, research analyst at JS Global Capital Ltd. in Karachi. "The market is regaining as there have been no big incidents of law and order disturbances since early this month."
The benchmark has recouped almost all its losses since the assassination of former Prime Minister Benazir Bhutto on December 27 last year.
National Refinery Ltd., Pakistan's second-biggest oil processor, rose Rs17.25, or by its five per cent daily limit, to Rs362.25. Lakson Tobacco Co., a cigarette maker, climbed Rs23, or by its five per cent daily limit, to Rs483. Jahangir Seddiqi & Co., a financial service company, added Rs17, or 1.4 per cent, to Rs1,198.
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