Pak stocks up on Musharraf's nomination

Karachi, September 27: | Updated: Sep 27 2007, 15:39pm hrs
Pakistani shares rose in early trade on Thursday after President Pervez Musharraf was officially nominated for an Oct. 6 presidential vote, which investors view as a positive political development, dealers said.

The Karachi Stock Exchange (KSE) benchmark 100-share index gained 0.69 per cent, or 91.10 points, to 13,362.47 on turnover of 26.17 million shares by 9.59 am.

The free-float KSE-30 share index was up 0.88 per cent to 16,149.13 points.

"The nomination of President Musharraf is a good start," said Ahsan Mehanti, chief executive at Shehzad Chamdia Securities Ltd.

Investors are keen to see Musharraf stay in power and continue economic policies that have produced strong growth in the last few years and made the KSE one of the region's top performing stock exchanges, dealers said.

But he faces legal hurdles to his bid for power.

The Supreme Court is hearing challenges to Musharraf's right to retain the posts of president and army chief, the legality of being elected while in uniform, and whether he should be allowed to get a mandate from sitting assemblies before a general election due by mid-January.

The court was expected to rule on Thursday or Friday and investors were being a bit cautious in case it rules against him and blocks his re-election, Mehanti said.

Among the most active companies, Bosicor Pakistan rose 0.40 rupees to 19.40, Worldcall Telecom gained 1 rupees to 20.40, while Bank Al Falah was up 0.90 rupees at 50.40.