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Pakistan index gains as sentiment improves
Pakistan's benchmark index rose for the third day yesterday, paced by Jahangir Siddiqui & Co. United Bank gained after Fitch Ratings upgraded the bank's rating to "D", citing an improved balance sheet.
- Bloomberg
- Published: 23:39 January 29, 2008
Karachi: Pakistan's benchmark index rose for the third day yesterday, paced by Jahangir Siddiqui & Co. United Bank gained after Fitch Ratings upgraded the bank's rating to "D", citing an improved balance sheet.
The Karachi Stock Exchange 100 Index added 128.30 points, or 0.9 per cent, to 14,009.11. Jahangir Siddiqui, a financial services company, advanced five per cent to Rs1,257.90. United Bank, the nation's third- largest by market value, gained 2.4 per cent to Rs178.20.
"Investors showed interest in banking stocks, particularly after Fitch increased the ratings of United Bank," said Faisal Potrik, who helps manage the equivalent of $200 million at KASB Funds in Karachi.
Fitch said yesterday the bank's individual rating reflected its improved balance sheet strength over the past two to three years and its adequate profitability.
Investor sentiment is improving on assurances by President Pervez Musharraf that the February 18 elections will be held as planned, Potrik said.
National Bank of Pakistan, the largest by assets, added 0.6 per cent to Rs226.50. JS Bank gained 1.3 per cent to Rs20.15. Pakistan Telecommunication rose 1.7 per cent to Rs38.85.
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