Karachi : Pakistani stocks rose in early trade yesterday following reports that a former privatisation minister, Abdul Hafeez Shaikh, had been offered and would accept the post of finance adviser to the prime minister.
A senior government official said on Wednesday the appointment was expected to be officially announced in the next couple of days.
"The market is reacting positively to Hafeez Shaikh being named as the adviser as he understands the capital markets and also has vast international experience which will help with the IMF (International Monetary Fund) and other donors," said Sajid Bhanji, a dealer at brokers Arif Habib Securities Ltd.
The Karachi Stock Exchange's benchmark 100-share index was 41.93 points, or 0.42 per cent, higher at 10,023.41 on turnover of 16.5 million shares at 10.15am.
