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Bearish Stocks after Pervez Musharraf’s case verdict


Kafeel Ahmed Reporter

17th Dec, 2019. 12:39 pm
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PSX UPDATE

Stocks dropped drastically soon after High Treason case verdict that sentences death to former president General Retired Pervez Musharraf on Tuesday.

According to the details,  the stocks maintained their upward trend on start of the day, however, stocks witnessed bearish trend after the verdict.

The 100 index fell 870 points, the index fell to 41 thousand, although it was trading at 41870 on start of the day.

KSE-100 index march past 13-month high to close at 41,644 points on Monday.

The stocks market  cruised at over 41,700 points, gaining over 728 points (1.78 percent) since it had closed on Friday last week.

The analysts have attributed the stocks gains to macro-economic indicators that suggest improvements and relative calm in political trends.

The analysts have given the credit of heavy gains to an official development.

Oil and gas sector grabbed the spotlight, particularly Oil and Gas Development Company (OGDC) and Pakistan Petroleum Ltd (PP).

Both traded near and at upper circuits, respectively.

Musharraf Case:

It is pertinent to mention that a special court ordered death sentence to former president Pervez Musharraf in High treason case.

A three-member bench of the special court handed death sentence to former president.

Peshawar High Court Chief Justice Waqar Ahmad Seth headed the bench and took up the high treason case.

Three of the two judges supported the verdict.

On behalf of government, Advocate Ali Zia Bajwa led the prosecution team.

Bajwa said government wants to frame charges against  Shaukat Aziz, Abdul Hamid Dogar, and Zahid Hamid.

The aiders and abettors should be tried as well.”

The bench remarked Supreme Court already decided on the matter and gave government two weeks to submit a new charge sheet.

Justice Karim also wondered whether the government was using delaying tactics in the treason case against Musharraf.

He said the government should file a new complaint if it wanted to add additional names in the high treason trial.

When Justice Waqar told prosecutor to present arguments in the case, Bajwa requested for further time.

“If you cannot present arguments then leave the rostrum,” said an irked Justice Waqar.

The bench again observed that special court was only bound to follow the apex court’s judgments.

During the hearing, Musharraf’s counsel also sought 15 to 20 days for his client to record a statement.

Justice Akbar noted  former army chief been provided six opportunities.

Justice Waqar added the special court allowed Musharraf to appear before the bench at his convenience as well.

“Musharraf deserves a right to defend himself,” reiterated Bashir.

“The prosecution team and his counsel are both already defending him before the bench,”

The special court will review the request to form a commission over matter pertaining to recording Musharraf’s statement.

 

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