Karachi Stocks Hit New All-Time High as Hopes Soar

via online.wsj.com

The Karachi Stock Exchange recorded a new all-time high amidst growing hopes among investors to pump more money into Pakistan after reportedly successful elections. The benchmark Karachi Stock Exchange index of 100 shares rose around 1 percent or 142 points to close at 14,972 points, a new all-time high, on the back of growing political stability. After Monday’s largely peaceful parliamentary elections, the major opposition political parties are in the process of forming a coalition government. Foreign investors, who have been selling Pakistani assets since November amid the country’s political crisis, will probably buy more stocks now. The KSE-100 index ended up 0.2% at 14829.70, a record. The gains were led by Arif Habib Securities, up 2% , Pakistan Telecommunication, up 2.4%, and National Bank of Pakistan, up 1.7%. Analysts said that investors would probably remain bullish on Pakistan, but that gains in Karachi’s key index depend on the coalition the opposition parties put together when forming a new government.