[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Monday, 28 June, 2004, 13:49 GMT 14:49 UK
Pakistan shares soar on PM choice
A trader on the Karachi Stock Exchange
The choice of PM pleased traders
Pakistani shares have made their biggest gains in seven months after the former finance minister was nominated to be the next Prime Minister.

The Karachi stock exchange index rose by 3.4% to close at 5,279 points.

The appointment of Shaukat Aziz as prime minister has helped reassure investors that a programme of economic reform will continue apace.

The markets had been in an uncertain mood since the resignation of Zafarullah Khan Jamali on Saturday.

"Shaukat Aziz enjoys credibility for his professionalism not just in Pakistan, but also in financial circles abroad," said Shoaib Memon, chief executive of brokerage house Al-Falah Securities.

Mr Aziz is a trusted ally of Pakistan's President General Pervez Musharraf and has introduced sweeping economic reforms to revitalise Pakistan's ailing economy and managed to avoid an embarrassing default on international debt.

"He has proved himself to be the most successful finance minister, meeting most of the budgetary targets and completing two IMF programmes," said Aqeel Karim Dhedi, chairman of AKD Securities.

"We expect a lot from him," he added.




SEE ALSO:
Strike shuts down tense Karachi
04 Jun 04  |  South Asia
Angry scenes at Karachi bourse
14 Jun 04  |  Business
Karachi market falls on new rules
15 Jul 03  |  Business
Pakistan signals peace talks hope
28 Nov 03  |  South Asia


RELATED INTERNET LINKS:
The BBC is not responsible for the content of external internet sites


PRODUCTS AND SERVICES

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East | South Asia
UK | Business | Entertainment | Science/Nature | Technology | Health
Have Your Say | In Pictures | Week at a Glance | Country Profiles | In Depth | Programmes
Americas Africa Europe Middle East South Asia Asia Pacific