SC Orders to arrest PM: KSE sheds 500 points in five minutes

Karachi: The Karachi Stock Exchange (KSE) has seen a decline of more than 500 points minutes after the news reports that the Supreme Court of Pakistan ordered arrest of Prime Minister Raja Pervez Ashraf.

A three-member bench of the apex court headed by Chief Justice Iftikhar Mohammad Chaudhry resumed the hearing of a rental power projects case.

On Monday, Pakistani stocks closed lower amid uncertainty over the outcome of a large political protest planned in the capital and protests over sectarian killings in the financial hub of Karachi.

The market fell more than 100 points in the morning session but recovered during the day after the Karachi protests were called off.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.

01 per cent, or 1.53 points, lower at 16,633.18.

Around 31 million shares were traded in Fauji Cement Company Ltd, representing 36 per cent of the number of shares traded that day, said dealer Samar Iqbal at Topline Securities.

Fauji Cement was up 4.3 per cent to 7.03 per share while information technology and communications company TRG Pakistan rose 15.16 per cent to 6.00 per share.

Byco Petroleum fell 0.83 per cent to 13.12 per share and Bank of Punjab was down 0.57 per cent to 8.76 per share.

In the currency market, the Pakistani rupee ended weaker at 97.

30/97.36 against the dollar, compared to Friday’s close of 97.26/97.32.

Overnight rates in the money market rose ending at 9.

40 per cent compared to Friday’s close of 9 per cent.