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Stocks rise on improving Pak-US ties

July 06, 2012


The Karachi Stock Exchange (KSE).—Reuters (File Photo)

ISLAMABAD: Pakistan’s main stock market closed up on Friday as investors cheered improved ties between Pakistan and the United States, dealers said.

The Karachi Stock Exchange benchmark 100-share index gained 139.27 points, or 0.98 per cent, to close at 14,310.18 on volume of 78.48 million shares.

“One of the main reasons for the upward trend in the market was the positive development in Pakistan-US relations, especially reports that the US has made a commitment for (arrears) payments,” said Muhammad Rizwan, a dealer at Topline Securities.

Islamabad and Washington reached a deal on Tuesday to reopen land routes that Nato uses to supply troops in Afghanistan, ending a seven-month crisis that damaged ties between the two countries and complicated the US-led Afghan war effort.

The agreement appeared to include a commitment by the United States to pay Pakistan over $1 billion in military aid arrears.