KARACHI: As anticipated, the KSE-100 Index – a benchmark for market performance – plunged as much as 2.5% or 1,149 points to reach a low of 44,757.16 as market participants ducked for cover ahead of the Supreme Court’s announcement of the Panama verdict later today.
The top court announced on Thursday that it would deliver the long-awaited verdict in the Panama case today, a make-or-break case for Prime Minister Nawaz Sharif. The case is an investigation into allegations of money-laundering against PM Nawaz and his family.
With speculation hitting its peak ahead of the verdict, investors adopted a cautious approach, selling in droves as the market opened down before posting a slight recovery.
By 10:30am, and an hour before eyes turn to Courtroom No 1, the KSE-100 was down 910 points or 1.98%. It is a slight recovery from the intra-day plunge of 2.5% as investors cherry-picked stocks at attractive valuations.
Volume on the all-share index was high – understandably so – and activity was a stark contrast to Thursday’s when participants were on a snooze mode and awaiting clarity on the political front.
However, the Supreme Court’s announcement that it would deliver the verdict sprung investors back into action.
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