Pakistan Stock Market bounces back after Prime Minister's disqualification by Supreme court

KARACHI - As the Supreme Court on Friday declared Prime Minister Nawaz Sharif disqualified, the Pakistan Stock Exchange (PSX) faced a major setback by losing 1670 points but eventually bounced back by closing of market.

On Friday, the apex court disqualified Prime Minister Nawaz Sharif for life for being dishonest to the nation, in a landmark decision in the Panamagate case.

In early trading, the PSX plunged 865 points to reach 45040.26 in early trading on Friday as Supreme Court is set to announce the much-awaited verdict in Panama Papers case today.

The benchmark 100-index started trading at 45905.76 points, reached the lowest level of 44757.16 points soon after the verdict, with the volume of about 40.063 million shares and value of Rs3.275 billion, but eventually the market bounced up to close at 45912.03 points.

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On Thursday, the PSX closed flat by 6.27 points at  45912 points level.

The stocks recorded the highest trading level of 46025.07 points and lowest level of 45758.21 points, with the volume of about 158.81 million shares and value of Rs6.32 billion. As many as 372 companies were active, of which 132 advanced, 221 declined and 19 remained unchanged.