Pak stocks soar high for second consecutive day

The Pakistani stock market continued to surge upwards for a second day today with a record gain of 229.80 points in the wake of a sweeping victory by Nawaz Sharif's PML (N) party in the historic general elections.
The market investors have shown increased confidence in the stock markets with Sharif, himself an industrialist and co-owner of diversified multi-million dollar conglomerate Ittefaq group, set to take over as Prime Minister for the third time.
Today, the Karachi Stock Exchange's benchmark 100-share index ended at 1.14 per cent, or 229.80 points, higher at 20,474.62 points.
This month alone the market has gained nine per cent with investors confident about higher returns as the general elections held over the weekend delivered a clear mandate to Pakistan Muslim League - Nawaz (PML-N), marking the first democratic transition in the country's 66-year history.

"The investors and market is confident that when Nawaz Sharif takes over, business activities will increase and we will have economic stability," one market analyst said.
In the currency market, the rupee ended steady at 98.40/98.45 against the dollar.