KARACHI: Pakistan’s stock market rose more than 2 percent yesterday, disregarding the ruling coalition’s announcement of impeaching President Pervez Musharraf and as investors jumped to carry out bargain-hunting, traders said.
“After sliding around 40 percent in six months the stock prices at current levels have become very attractive,” said trader Mohammed Sohail at JS Capital.
The benchmark KSE-100 index gained 202 points to close at 9,909 as local institutional investors picked up under-priced blue-chip stocks in financial and energy sectors.
Traders also said many state-owned financial institutions tried to create an artificial buying euphoria to create the impression that market reacted positively over the impeachment news.