Karachi: Pakistan stocks rose, extending last year's biggest annual gain since 2003, led by Oil & Gas Development Co on speculation of foreign investors adding to their holdings.
Oil & Gas Development Co, the nation's biggest exploration company, rose 1.2 per cent to Rs111.89. Pakistan Petroleum Ltd., the nation's biggest gas producer, advanced 1.1 per cent to Rs191.67. Pakistan Oilfields Ltd., the nation's third-biggest fuel explorer, jumped 2.4 per cent to Rs236.34.
"It was foreign buying into the food and energy sector that has driven the markets," Sayem Ali, an economist at the local unit of Standard Chartered Plc in Karachi, wrote in an email.
"It is in line with the rise in global risk appetite, with the dollar weakening and emerging market currencies gaining," he added.
