Pakistan's Markets Not Worried About Rift With U.S.

Pakistani investors seem strangely unworried about possible consequences to their country from being caught harboring bin Laden. Or by their government's decision to respond to the embarrassment by denial and confrontation rather than apology and conciliation.

The Karachi stock market gained about half a percent on Monday as investors put aside concerns over possible fallout of Osama Bin Laden’s killing in Pakistan, traders said.

The Karachi Stock Exchange (KSE)-100 Index gained 52.72 points, or 0.44 percent, to close at 11,932.68 points with volumes jumping 14 million to 78.651 million shares in what was seen as an indication of interest ahead of Prime Minister Yousuf Raza Gilani’s address to the parliament, they said.

“The session was good in the sense that we saw interest in many shares other than Oil and Gas Development Company Limited (OGDCL),” said Qasim Ali Shah, head of equities at Global Securities. “Engro Corporation and Pakistan State Oil (PSO) were in the limelight.” The KSE-30 Index was down 76.83 points to 11,609.34 points. Shares of 354 companies were traded out of which 144 advanced, 125 receded, while 85 remained unchanged.

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