Pakistani stocks were trading at record levels early on Thursday after this week's peaceful election, and dealers said investors were now awaiting the outcome of negotiations on a coalition government.
The benchmark Karachi Stock Exchange (KSE) 100-share index was 0.9 percent higher at 14,963.50 points by 10:10 am (0510 GMT) on turnover of about 52 million shares.
Earlier, the index set a new life high of 14,972.56 in intraday trade. "The first worry for investors was the holding of a peaceful election, and once that happened, you saw positive momentum in the market," said Ashraf Zakaria, a dealer at brokers Ali Hussain Rajabali and Co.
The KSE-100 has gained over 4 percent since the elections on Feb. 18. "The next thing investors are eyeing is the formation of the new government, and if that can happen without any major trouble, we should be seeing the bull-run continuing," said Zakaria.
Top leaders of the Pakistan People's Party and Pakistan Muslim League (Nawaz), led by former prime minister Nawaz Sharif, will meet on Thursday to discuss forming a coalition that could try to push US ally President Pervez Musharraf out of office.
Musharraf, who came to power as a general in coup in 1999 and went on to become a key ally in a global fight against al Qaeda and its cohorts, is vulnerable to a hostile parliament after the heavy defeat of his main ally, the Pakistan Muslim League, at the polls on Monday.
The KSE-100 is the only share market in Asia to have gained this year, up more than 6 percent. Its gains over the past 12 months are ranked behind only China and Indonesia, though many investors still consider it a difficult and illiquid market.
The index has risen about 900 percent since 2000, and has now recovered all the losses it suffered after the assassination of opposition leader Benazir Bhutto on Dec. 27. Among the most active companies, Oil and Gas Development Co Ltd was up 2.5 per cent at 131.35 rupees, Arif Habib Securities gained 1.4 percent to 184.70 rupees, while Bosicor Pakistan was trading about 2 percent up at 21.20.
The benchmark Karachi Stock Exchange (KSE) 100-share index was 0.9 percent higher at 14,963.50 points by 10:10 am (0510 GMT) on turnover of about 52 million shares.
Earlier, the index set a new life high of 14,972.56 in intraday trade. "The first worry for investors was the holding of a peaceful election, and once that happened, you saw positive momentum in the market," said Ashraf Zakaria, a dealer at brokers Ali Hussain Rajabali and Co.
The KSE-100 has gained over 4 percent since the elections on Feb. 18. "The next thing investors are eyeing is the formation of the new government, and if that can happen without any major trouble, we should be seeing the bull-run continuing," said Zakaria.
Top leaders of the Pakistan People's Party and Pakistan Muslim League (Nawaz), led by former prime minister Nawaz Sharif, will meet on Thursday to discuss forming a coalition that could try to push US ally President Pervez Musharraf out of office.
Musharraf, who came to power as a general in coup in 1999 and went on to become a key ally in a global fight against al Qaeda and its cohorts, is vulnerable to a hostile parliament after the heavy defeat of his main ally, the Pakistan Muslim League, at the polls on Monday.
The KSE-100 is the only share market in Asia to have gained this year, up more than 6 percent. Its gains over the past 12 months are ranked behind only China and Indonesia, though many investors still consider it a difficult and illiquid market.
The index has risen about 900 percent since 2000, and has now recovered all the losses it suffered after the assassination of opposition leader Benazir Bhutto on Dec. 27. Among the most active companies, Oil and Gas Development Co Ltd was up 2.5 per cent at 131.35 rupees, Arif Habib Securities gained 1.4 percent to 184.70 rupees, while Bosicor Pakistan was trading about 2 percent up at 21.20.
