Pakistan best 2002 market performer


	Pakistan's stock market in Karachi turned in Asia's best performance for 2002, up more than 112 percent

Story Tools

SINGAPORE -- Asian stock markets ended a troubled year mostly in the red, but the small Pakistan market more than doubled in a world-beating performance.

China was the worst performer, with Shanghai's B share market for overseas investors losing a third of its value. The index finished the year at 113.51, down 33.83 percent.

Vietnam, another emerging market, lost 22 percent.

Tokyo, the region's largest exchange, saw more than 18.6 percent wiped off the Nikkei 225 average, while in Seoul the Kospi fell 9.54 percent, including a heavy fall on its last trading day on Monday.

But Jamie Paton, head of venture capital firm 3i North Asia, told CNN that there were still good investment opportunities in the big three North Asian markets of China, Japan and South Korea.

He said buyouts would be a feature of the Japanese market, while South Korea's strong economic performance meant there would be a lot of opportunities in the years ahead.

Paton said China was a market that had to be viewed from the timeframe of the next five to 10 years.

Another analyst, Lipper Asia Ltd. manager Andrew Ogilvie, told CNN on Wednesday that 2002 had been a "tough year" for investors, with gold the best-performing sector.

He said that in Southeast Asia Indonesia had done well, but from a low base.

Based on index performances, the three South Asian markets -- Pakistan, Sri Lanka and India -- ranked first, second and fifth in the region, with Thailand in third spot and Indonesia in fourth.

The pan-region MSCI Asia Pacific Free Index lost 9.73 percent, although it outperformed the MSCI World Free Index, which shed around 20 percent.

U.S. ends dismal year


	Vietnam, like China an emerging market, fared poorly, losing 22 percent for the year

The Karachi Stock Exchange 100-share index rose 112.2 percent, touching a record high of 2,747.90 early on Tuesday before easing a little to close at 2,701.41. Bullish brokers see further gains for the market in early 2003.

The index was led by a handful of blue chips that dominate the market, including Pakistan Telecom (PTCL), Hub Power, Pakistan State Oil (PSO) and Fauji Fertiliser.

Demand has been fuelled by a surge in cash from Pakistanis working abroad, following a global crackdown on unofficial banking channels.

State Bank of Pakistan governor Dr Ishrat Husain said earlier in the week that the KSE's strong performance was helped by declining interest rates and a resultant increase in liquidity.

In the United States, the Dow Jones industrial average finished on a slightly higher note Tuesday, but lost 16.76 percent for the year. It was the third year in a row the index had declined.

The tech-heavy Nasdaq composite index finished 0.3 percent lower Tuesday at 1335.51, and down a sharp 31.53 percent for the year.

Following is a table of percentage changes in Asian stock indices in 2002:

Pakistan Karachi 100: plus 112.20 percent

Sri Lanka All-Share: 31.25

Thailand SET: 17.32

Indonesia JSX: 8.39

India Sensex: 3.52

New Zealand NZ Top 40: minus 5.25 percent

Malaysia KLSE Composite: -7.15

Korea KOSPI: -9.54

Australia SP/ASX 200: -12.13

Philippines PHS Composite: -12.81