Business | Markets
Pakistan shares rise on election optimism
Pakistan's benchmark stock index rose by the most last week after President Pervez Musharraf said national elections will go ahead as scheduled.
- Bloomberg
- Published: 00:19 January 26, 2008
Karachi: Pakistan's benchmark stock index rose by the most last week after President Pervez Musharraf said national elections will go ahead as scheduled.
"The president's positive comments and optimism that upcoming results will be good are helping the market," said Atif Malik, research analyst at JS Global Capital. "Gradually the confidence is rebuilding.''
The Karachi Stock Exchange 100 Index rose 137.19 points, or one per cent, to close at 13,856.36. The index lost 0.2 per cent earlier in the day.
Oil and Gas Development, Pakistan's largest explorer of fuels, and MCB Bank, the nation's biggest lender by market value, led stocks higher.
Oil and Gas
Oil and Gas Development rose Rs1.10, or 0.9 per cent, to Rs119.10. MCB Bank rose Rs4, or 1.1 per cent, to Rs381.
Musharraf said elections planned for February 18 will go ahead as scheduled and that his country's nuclear weapons are safe.
He was talking to delegates at the World Econ-omic Forum in Davos, Switzerland.
Stable government
"I firmly believe that the democratic transition and elections in February must lead to a stable government, a politically reconciled government," Musharraf said.
He said he would back a coalition government if no party gains a majority of votes.
Fauji Fertilizer Bin Qasim, the country's third- largest urea maker rose 45 paise, or 1.1 per cent, to Rs41.20 after reporting profit rose 4.1 per cent as lower costs for gas and raw materials negated a decline in sales.
Net income increased to Rs2.54 billion ($41 million), in 2007 from Rs2.44 billion a year earlier, the Rawal-pindi-based company said.
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