Tear chard leaves from stems, then coarsely chop stems and leaves separately.

Toast pine nuts in olive oil in a wide 6-8 quart heavy pot over medium heat, stirring constantly, until golden, about 2 minutes, then transfer with a slotted spoon to paper towels to drain and season with salt.

Cook onion in oil remaining in pot, stirring occasionally,1 minute, then add chard stems and cook, stirring occasionally, 2 minutes. Add raisins and 1/2 cup water and simmer, covered, until stems are softened, about 3 minutes. Add the chard leaves and remaining 1/2 cup water and simmer, partially covered, stirring occasionally, until leaves are tender, about 3 minutes. Season with salt and pepper.

Serve sprinkled with pine nuts.