Pak Stock Exchange plummets over Musharraf verdict

KARACHI: Pakistani stocks plummeted Thursday in reaction to a detailed verdict against former president General (R) Pervez Musharraf whom it had pronounced guilty of high-treason earlier this week.

Opening at 41,603 points, the Pakistan Stock Exchange's KSE-100 Index registered a high and low of 41,796 and 40,414 points, respectively, plummeting almost 1,189 points during trading hours.

The benchmark index started to dip around midday as market anticipated the release of the verdict, following the 2PM release of which it nosedived, plunging to 40,415 points at one instance.

However, the market bounced back in the final 45 minutes of the session, regaining 434 points to close the day at 40,655 points — an overall loss of 948 points or 2.33 percent.

Thursday's dip was the first major one in weeks for the bourse that had been rallying sharply over improved outlook on the economy. In total, 169,915,190 shares worth Rs9,443,410,842 were traded on Thursday.

In its detailed verdict in the high-treason case against Musharraf, the Special Court had dismissed criticism of the trial being conducted 'in haste' and noted that the former ruler had "been afforded more than his due share of fair trial" and "given every opportunity to defend himself".

The court further explained that "the facts of the case are well documented" and "clearly demonstrate guilt on part of the accused". "This Court after the presentation of undeniable, irrefutable and unimpeachable evidence by the prosecution against the accused reaches the conclusion that indeed accused [Musharraf] is guilty and deserves an exemplary punishment," the judgment had stated.