Habib Bank leads gains on Karachi index

Karachi: Pakistan's benchmark stock index rose, led by Habib Bank on expectations it will post positive second-quarter earnings Friday and after Ismail Iqbal Securities lifted its price estimate on the shares.

Habib Bank, the nation's second-largest lender, jumped 4.8 per cent to Rs109.42. Royal Bank of Scotland Pakistan surged five per cent to Rs28.18. Pakistan State Oil, the top-ranked fuel retailer, rose 2.9 per cent to Rs266.04.

The benchmark Karachi Stock Exchange 100 Index added 20.75, or 0.3 per cent, to 7,973.45. The gauge has risen 36 per cent this year, after falling 58 per cent in 2008, the first annual drop in seven years.

"The expectations of a good result from Habib Bank helped other banks to rise," said Ahsan Amir Ali, an analyst at Invest & Finance in Karachi.