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PSX dips as uncertainty prevails due to Panama verdict

KARACHI: The benchmark KSE 100-index of the Pakistan Stock Exchange continued to reflect a bearish trend as political uncertainty prevailed following a landmark verdict by the Supreme Court disqualifying Prime Minister Nawaz Sharif.

The index was down by more than 700 points in mid-day trading, hovering around the 45,000 points mark.

Earlier today it lost over 1,000 points to hit 44,777 points, as the market witnessed a knee-jerk reaction before the Supreme Court of Pakistan announced the judgement that toppled PM Nawaz Sharif, who is embroiled in a long-running corruption case that has gripped the country.

The index had closed at 45,905 points on Thursday.

The five-member Panama case bench, in its verdict, disqualified the PM from holding office and ordered the National Accountability Bureau (NAB) to file a reference against Nawaz Sharif, his three children and others in an accountability court in six weeks.

The apex court also directed for the trial to be wrapped up within six months.

The court had, in April, declared there was “insufficient evidence” to oust PM Sharif over the graft allegations engulfing his family, and ordered a Joint Investigation Team (JIT) to probe the matter.

The team of civilian and military investigators comprising the JIT found there was a “significant disparity” between the Sharif family´s income and lifestyle in its report submitted to the court earlier this month.

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