Pakistan Stock Exchange dipped at the start of the day ahead of Panama case verdict. The market opened on a negative note and lost 1,149 points in few minutes. The stock exchange nose dived as low as 44,757.16 points 100-index but recovered to 45,000 points 100-index after quite some time.
Moreover, almost two hundred companies have been landed in negative zone with the loss of billions of dollar. The dip in the stock market was predicted earlier by analysts. As of now, only 38 out of a total of 298 stocks traded has advanced remaining stocks trading has been nullified and discarded.
The dip in the stock market was gradually rising after Supreme Court took Suo Motu action on the Panama case and much damage was done after Supreme Court constituted Joint Investigation Team (JIT) to probe Panama case. Recently the stock exchange took another jolt by Interior Minister Chaudhry Nisar after he said in a press conference that he will be resigning from his post as an Interior Minister and will never participate in elections; whatever the Panama case verdict may be.
After the press conference by Chaudhry Nisar, leading media outlets started to assume that Panama verdict might not go to PM’s favor which also leads the stock market to crash.
And now that the Panama case verdict has been announced by a larger bench of Supreme Court headed by Chief Justice Asif Saeed Khosa, ruling against PM Nawaz disqualifying him from the post of premier. The news will surely impact the stock market whether in a positive or negative sense.
