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Pricey Pakistan Stocks Have Room to Run, Tycoon Habib Says

  • Banks, fertilizer, energy stocks may fuel a further 20% rise
  • Group to build power plant and boost steel, cement output
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Photographer: Asim Hafeez/Bloomberg
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Pakistani tycoon Arif Habib said Asia’s best stock market rally in the past year may extend a further 20 percent led by banks, fertilizer and energy companies, rejecting concerns that the market has been supported by speculators.

As industries and the economy grow, Habib, the Karachi-born financier who has seen his fortune swell after his start as a stockbroker more than four decades ago to the head of a 14-company conglomerate, is putting his money where his mouth is by raising the group’s cement and steel output.