ISLAMABAD: Pakistan’s main stock market rose on Thursday on greater investor confidence after positive comments from the United States concerning aid to Pakistan, analysts said.
The Karachi Stock Exchange benchmark 100-share index rose 2.15 per cent, or 287.31 points, to close at 13,656.2 points on volume of 91.293 million shares.
“There was negative mood in the market over the last few days so today, after some positive news ... it reacted sharply,” said Atif Zafar, a research analyst at JS Global, a financial services company.
US Defense Secretary Leon Panetta said on Wednesday that Washington should examine setting conditions for aid to Pakistan but not cutting it off, as he disclosed that Islamabad’s closure of supply routes to the Afghan war was costing American taxpayers millions of dollars a month.
Asked during a Senate budget hearing whether he would recommend halting aid to Pakistan, Panetta said: “I’d be very careful about just shutting it down.”
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