ID :
16278
Mon, 08/18/2008 - 22:13
Auther :
Shortlink :
http://m.oananews.org//node/16278
The shortlink copeid
POL: Pakistan Stocks, Rupee advance after President Musharraf quits
Karachi, Aug 18 PPI: Pakistan stocks and Rupee rose after President Pervez Musharraf resigned, ending a six-month standoff that had distracted the government from preventing an economic slowdown.
The benchmark share index rose 4.5 percent, the most in eight weeks, led by Oil & Gas Development Co. and MCB Bank Ltd. Rupee had its biggest advance in a monthagainst the dollar, after Musharraf quit to avoid facing impeachment charges.
The government's struggle to oust Musharraf has diverted its focus from reviving slowing economic growth and tackling food shortages. Coalition leaders Nawaz Sharif and Asif Ali Zardari have been criticized by the U.S. for not doing enough to fightmilitants on the border with Afghanistan.
Karachi Stock Exchange 100 Index climbed 460.91 to close at 10,719.62. Rupeeadvanced 1.2 percent to 75.50 per dollar.
Rupee may stabilize near 75 per dollar, stocks will rise and yield premium forinvesting in the nation's debt will narrow.
Still, coalition government has its task cut out as it grapples with a slowdown in economic growth, a widening budget deficit and an inability to rein in inflationrunning at a 30- year high.
Rupee has depreciated in past couple of weeks to unprecedented levels and much morework still needs to be done in terms of implementing policies.
The benchmark share index rose 4.5 percent, the most in eight weeks, led by Oil & Gas Development Co. and MCB Bank Ltd. Rupee had its biggest advance in a monthagainst the dollar, after Musharraf quit to avoid facing impeachment charges.
The government's struggle to oust Musharraf has diverted its focus from reviving slowing economic growth and tackling food shortages. Coalition leaders Nawaz Sharif and Asif Ali Zardari have been criticized by the U.S. for not doing enough to fightmilitants on the border with Afghanistan.
Karachi Stock Exchange 100 Index climbed 460.91 to close at 10,719.62. Rupeeadvanced 1.2 percent to 75.50 per dollar.
Rupee may stabilize near 75 per dollar, stocks will rise and yield premium forinvesting in the nation's debt will narrow.
Still, coalition government has its task cut out as it grapples with a slowdown in economic growth, a widening budget deficit and an inability to rein in inflationrunning at a 30- year high.
Rupee has depreciated in past couple of weeks to unprecedented levels and much morework still needs to be done in terms of implementing policies.
