Oct. 2 (Bloomberg) -- Pakistan's key stock index rose for a fifth day on expectations the re-election of President Pervez Musharraf for a second five-year term will ensure the continuity of economic policies. Oil & Gas Development Co. advanced. 

The Karachi Stock Exchange 100 Index rose 183.34, or 1.3 percent, to close at 13,921.08, at the 1 p.m. local time close. Oil & Gas Development, the biggest fuels explorer and the largest company by market value, gained 2.3 percent to 121.25 rupees.

``Expectations have built up that Musharraf will be re- elected after the Supreme Court ruling allowing him to stand in the election,'' said Asif Ali Qureshi, head of research at Invisor Securities Ltd., in Karachi. ``Investors believe Musharraf's continuation in power augurs well for the economy as a new leader may change economic policies in a knee-jerk reaction.''

Pakistan's Supreme Court, the highest appeals court, ruled last week that Musharraf will be able to seek a second five-year term in an Oct. 6 election clearing the way for a key U.S. ally to extend his eight-year-old rule.

Applications by opposition leaders and lawyers challenging Musharraf's re-election while keeping his post of army chief were dismissed on Sept. 28. The next day the Election Commission, which is supervising the presidential election, approved Musharraf's application to stand in the polls.

A total of 85 lawmakers from the All Parties Democratic Movement, an opposition group that opposed Musharraf's re- election, resigned from the 342-member parliament today to protest Musharraf's re-election. Pakistan's national and provincial assemblies choose the president.

The opposition's protest can cause moral hurdles but Musharraf is all set to be re-elected legally, Qureshi said.

National Bank of Pakistan, the nation's biggest lender by assets, rose 1.9 percent to 260.95 rupees. MCB Bank Ltd., Pakistan's biggest lender by market value, added 4 percent to 363.50 rupees.

Pakistan Petroleum Ltd., the nation's largest natural gas producer, advanced 1.1 percent to 275 rupees. D.G. Khan Cement Co., Pakistan's second-largest cement maker, gained 0.9 percent to 114.70 rupees.

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