Business | Markets
Pakistani shares rise for second straight day
Pakistan's benchmark stock index rose for a second day on expectation higher economic growth will increase profits at companies in the last quarter. MCB Bank and ABN Amro Bank Pakistan led gains.
- Bloomberg
- Published: 00:14 February 7, 2008
Karachi: Pakistan's benchmark stock index rose for a second day on expectation higher economic growth will increase profits at companies in the last quarter. MCB Bank and ABN Amro Bank Pakistan led gains.
The Karachi Stock Exchange 100 Index added 23.45 points, or 0.2 per cent, to close at 14,018.45. MCB Bank, the nation's biggest bank by market value, advanced 1.4 per cent to Rs410.30. The bank's stock has risen eight per cent in the last five sessions.
"Investors are positive on expectations of higher corporate earnings,'' said Khurram Schehzad, senior research analyst at Invest Capital and Securities.
Pakistani companies this month started reporting earnings for the quarter ended December 31.
Companies are expected to announce higher earnings as the $146 billion economy is forecast to grow 7.2 per cent in the fiscal year ending June 30, compared with 7 per cent last year.
A total of 128 million shares were traded today, less than the average daily tally of 250 million in 2007.
ABN Amro Bank Pakistan gained 4.7 per cent to Rs47.10. Jahangir Siddiqui rose five per cent, the daily limit, to Rs525.50. WorldCall Telecom advanced 6.1 per cent to Rs17.30.
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