News
Tuesday, May 14, 2013
Karachi stocks hit all-time high on Nawaz winKARACHI: Karachi stocks hit an all-time high on Monday following Nawaz Sharif’s strong victory in landmark election, which raised hopes the steel tycoon’s pro-business agenda could spark an economic revival.
The benchmark index of top 100 shares rose 1.68 percent to 20,250.42 points in afternoon 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. Ratings agency Standard and Poor’s said the election results set the stage for “longer-term stability” of its B- sovereign credit rating on Pakistan.
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. afp
Courtesy www.dailytimes.com.pk