Pakistan Stocks Headed for Four-Year High Amid Overseas Buying
Pakistan stocks rose, driving the benchmark index to its highest level in four years, as offshore investors increased their holdings of local stocks.
Foreigners bought $5 million of equities yesterday, adding to purchases of $8 million on May 2, according to data from the National Clearing Company of Pakistan Ltd. They withdrew $83 million in the nine months ended March 31, the data show.
“There are a number of foreign investors increasing positions in Pakistani shares and locals are following,” said Ahmed Rauf, a trader at JS Global Capital Ltd. in Karachi.
The Karachi Stock Exchange 100 Index gained 0.7 percent to 14,521.87 at 12:51 p.m. local time, bound for its highest close since May 14, 2008. The gauge has jumped 28 percent this year, the world’s fourth-best performer among 96 benchmark indexes tracked by Bloomberg.
Oil & Gas Development Co. (OGDC), the nation’s biggest explorer, rose 2.2 percent to 172.10 rupees, highest since Feb. 29. MCB Bank Ltd. (MCB), the largest by market value, added 3.3 percent to 183.99 rupees. Pakistan Telecommunication Co. (PTC), the nation’s biggest phone company, rose 5.54 percent to 15.17 rupees.
To contact the reporter on this story: Farhan Sharif in Karachi at firstname.lastname@example.org
To contact the editor responsible for this story: Richard Frost at email@example.com