Bearish Stocks after Pervez Musharraf’s case verdict

By Kafeel Ahmed – Reporter

17th December, 2019

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.

 

Syed Umarullah Hussaini

Web Editor, BOL News conributed to the story


You May Also Like

Global Aviation
23rd Feb, 2020

Global aviation to suffer $29.3B revenue loss in 2020 due to coronavirus

The International Air Transport Association (IATA) forecast $29.3 billion revenue loss for...

Jafurah field
23rd Feb, 2020

Jafurah field project to make Saudi Arabia gas exporter country

The Jafurah field, a $110 billion project is expected to make Kingdom...

AED to PKR Rates 23 feb
23rd Feb, 2020

AED To PKR: Today 1 UAE Dirham to Pakistan Rupees On 23 Feb 2020

The Latest AED/PKR exchange rate is 42.2. (Last updated on February 23,...

Saudi riyal to PKR Rates today
23rd Feb, 2020

Today SAR to PKR Rates – 1 Saudi Riyal to Pakistani Rupees On 23 Feb 2020

The Latest SAR/PKR exchange rate is 41.3. (Last updated on February 23,...


Latest News

Waqar Zaka
22nd Feb, 2020

Waqar Zaka’s Take on PSL Opening Ceremony

Pakistan Super League opening ceremony was a bummer. The only thing that...

Trump in India
22nd Feb, 2020

Trump in India – History of US presidential visits

Donald Trump – The President of the United States of America is...

Kamran Akmal
22nd Feb, 2020

PSL 2020: Zalmi star Kamran Akmal hits 1st century of PSL

Kamran Akmal opening Batsmen of Peshawar Zalmi smashed the 1st century of...

LABARD Mela
22nd Feb, 2020

LABARD Mela – For Special Children at Jilani Park Lahore

LABARD Mela – 2020 held on Saturday at Ghulam Jilani Park that...