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Karachi stocks hit all-time high on Sharif win

Published May 13, 2013 12:46pm


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KARACHI: Karachi stocks hit an all-time high Monday following Nawaz Sharif's strong victory in landmark elections, which revived hopes the steel tycoon's pro-business agenda could spark an economic revival.

The benchmark index of top 100 shares rose 1.6 per cent to 20,232 points in early trade, surpassing the 20,000 mark for the first time, after Sharif's Pakistan Muslim League - Nawaz (PML-N) emerged with a clear lead over its rivals.

The election results defied analysts' predictions of a weak parliament as the PML-N looked able to form a government without the help of its traditional rival the Pakistan Peoples Party and new challenger Imran Khan's Pakistan Tehrik-i-Insaaf.

“We were fearing a hung parliament and thus a weaker and unstable government would come into power as a result of the elections,” said Mohammad Sohail, the chief of Topline Securities, a leading brokerage house in Karachi.

Investors are hopeful of an economic revival under Sharif, whose pro-business policies earned him a good reputation among traders and industrialists during his two previous tenures in the 1990s.

“He liberalised the economy by launching a privatisation programme and liberalised the financial sector allowing foreign investors to step into Pakistani capital markets,” Sohail said.

Though his privatisation agenda was never fully implemented, Sharif has promised in early interviews to pick up where he left off.

Comments (3) Closed

Wang Lee May 13, 2013 11:26pm
PM NS should not hinder PTI to form the govt in KP. He should not try to dig Kargil Hill, or become Tarzan for treason treasure. In China their was a TV program for a train track from Gwadar to Kashi, China.. His bullet train dream can meet its destination .. PM should consider to auction off National Bank of Pakistan , Pak TV and radio stations.. abolish telegraph department, circut and govt. rest houses. Pak. National shipping , PIA. Poly tech, Inst. and medical colleges. These should be run as private. These funds could be used for free high school education.. All govt. dispensaries including of PIA, Railway should be handed over to Edhi , Humdard and Chippa ambulances Org. Pak Iran gas pipe line should continue perhaps make it private enterprise.
awais May 14, 2013 10:00am
Nice!! So finally Mian Nawaz sharif sahab brought money from his foreign account for elections at least. If he could spend 85 carore on one seat in Lahore then stock would itself go high.
Malik - Aus May 15, 2013 03:51pm

@Wang Lee: you need to be in Pak Finance ministry mate :)