Business | Markets
Pakistan stocks gain as military rule ends
Pakistan stocks rose after voters sought an end to eight years of military rule under former army chief Pervez Musharraf in the country's first parliamentary elections since 2002.
- Bloomberg
- Published: 00:53 February 20, 2008
Karachi: Pakistan stocks rose after voters sought an end to eight years of military rule under former army chief Pervez Musharraf in the country's first parliamentary elections since 2002.
Oil & Gas Development Ltd rose to its highest in four months as stocks advanced in anticipation the new political landscape would lure overseas investors.
"Pakistan's equity markets have shown a positive reaction to the peaceful vote and the initial result," said Imran Khan, head of research at First Capital Equities in Karachi. "Once the political front settles, we expect foreign investors to become more active in the nation's stability."
The Karachi Stock Exchange 100 Index added 443.63 points or 3.1 per cent to 14,797.47 at the 2.15pm local time close. The benchmark has advanced five per cent this year, after gaining 40 per cent last year.
Oil & Gas rose Rs4.65, or 3.7 per cent, to 129.75, its highest since October 19. MCB Bank, the nation's biggest lender by market value, rose Rs20.15, or 4.9 per cent - its steepest jump in six weeks - to 423.85, the highest since December 26.
National Bank of Pakistan rose Rs12.15 to 255.25.
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