By Gavin Bowring, Asean Confidential
It’s rare to hear of Pakistan as Asia’s best performing stock market. But over the last 6 months, the Karachi Stock Exchange is up 33.4% in local currency terms, far exceeding any other Asian market, while the Pakistani Rupee has appreciated 11% year-to-date. Pakistan also returned to the international bond markets for the first time in 7 years in April, selling US$2bn in five and 10-year sovereign debt, the latter yielding 8.25% and over-subscribed 14 times.
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