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Stocks rally with political stability in sight

June 22, 2012


Karachi Stock Exchange – File photo by AFP
Karachi Stock Exchange – File photo by AFP

ISLAMABAD: Pakistan’s main stock market ended up on Friday with investors hopeful of political stability as the country elected a new prime minister, analysts said.

The Karachi Stock Exchange benchmark 100-share index ended up 0.96 per cent or 130.22 points, at 13,730.82 points on volume of 57 million shares.

“Earlier there was some uncertainty, and concerns that the ruling party may not be able to muster support for its candidate,” said Atif Zafar, a research analyst at the JS Global financial services company.

“But that went away as the coalition partners pledged their support, and there was positive sentiment in the market with investors hopeful of political stability and continuity,” he said.

The Supreme Court on Tuesday declared Yousuf Raza Gilani ineligible for office for refusing to re-open corruption cases against President Asif Ali Zardari, triggering a new crisis in the nuclear-armed country.

In the currency market, the rupee closed at a record low of 94.45/52 to the dollar, compared to 94.36/41 on Thursday.

Overnight rates in the money market closed lower at 11.75 per cent, compared to 11.90 per cent on Thursday.