Karachi: Pakistan's stocks rose for a third day yesterday after Prime Minister Syed Yousuf Raza Gilani ended a rift between the government and the judiciary, easing a confrontation between the President and the nation's top judge.
Habib Bank Ltd, Pakistan's second-biggest by assets, rose 1.8 per cent to Rs123.88. Pakistan Petroleum Ltd., the nation's biggest gas producer, gained 0.1 per cent to Rs196.23.
"The political uncertainty has ended and that is driving the markets," said Mohammad Farhan, head of research at Atlas Capital Markets Pvt. in Karachi. "Investors don't like uncertainty."
The benchmark Karachi Stock Exchange 100 Index advanced 22.21, or 0.2 per cent, to 9,889.30. The gauge has gained 5.4 per cent this year. The index is trading at 8.5 times future earnings, the lowest in Asia, according to Bloomberg data.
