Pakistan stocks gain on foreign fund inflow

Karachi: Pakistani stocks posted gains Wednesday, despite the prospect of a destabilising face-off between the government and the judiciary, as foreign investment inflows lifted sentiment.

The Karachi Stock Exchange's benchmark 100-share index ended 1.04 per cent, or 104.67 points, higher at 10,178.43. The index hit an intraday high of 10,284.60

Volume was 199.17 million shares, compared with 146.97 million traded on Tuesday. "We have seen a lot of foreign investment in recent weeks, and that has encouraged local investors to jump in and take fresh positions," said Sajid Bhanji, director at brokers Arif Habib Ltd.

According to official data, net foreign portfolio investment in Pakistani stocks has been worth a little more than $100 million (Dh367.8 million) in March alone.