Pakistan stocks rise most in 9 mths as Gilani restores judges | business | Hindustan Times
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Pakistan stocks rise most in 9 mths as Gilani restores judges

Pakistan stocks rose the most in nine months after Prime Minister Yousuf Raza Gilani pledged to reinstate Supreme Court justices fired under military rule in 2007, ending a confrontation with the opposition.

business Updated: Mar 16, 2009 15:12 IST

Pakistan stocks rose the most in nine months after Prime Minister Yousuf Raza Gilani pledged to reinstate Supreme Court justices fired under military rule in 2007, ending a confrontation with the opposition.

Chief Justice Iftikhar Chaudhry and other deposed judges will be restored on March 21, Gilani said in Islamabad, meeting the demands of thousands of protesters who are challenging President Asif Ali Zardari.

Authorities will also lift a ban on rallies and release detained protesters, he said.

The benchmark Karachi Stock Exchange 100 Index rose 304.93, or 5.3 per cent to 6,055.40 points at open, the most since June 24, 2008. Oil and Gas Development and Pakistan Petroleum led gains on the index.

“Political developments are in favour of the market,” said Tariq Iqbal Khan, chief executive officer of National Investment Trust, the country’s biggest money manager. Terrorism is “the only negative left” for the nation’s stock market, he said.