Karachi : Pakistan stocks rose the most in a week, snapping a two-day decline, after the government pledged to cut the fiscal deficit and investors bet political uncertainty with India is ending.
Oil & Gas Development, the nation's biggest explorer, gained 0.3 per cent to Rs117.43. Pakistan Petroleum, the biggest gas producer, rose 1.7 per cent to Rs197.88.
The benchmark Karachi Stock Exchange 100 Index climbed 69.44 points, or 0.7 per cent, to 9,802.80. The gauge has risen 4.4 per cent this year. The measure is valued at 8.4 times estimated earnings, the lowest in Asia, according to data compiled by Bloomberg.
"The government seems serious about the economic reforms programme," said Khalid Iqbal, head of research at Invest and Finance Securities in Karachi. "Political uncertainty is reducing."
