PSX loses massive 960 points as tension rises after Shehbaz’s arrest

PSX loses massive 960 points as Shehbaz’a arrest bring political situation to boil
Karachi: The Pakistan Stock Exchange (PSX) on Monday witnessed bloodbath as benchmark 100-index shed 960 points as political tension flared up again following arrest of Leader of Opposition in National Assembly Shehbaz Sharif.

After plummeting massive points, the index closed below 41000 level at 40,741. The market observed highest point at 41,785.

Volumes of 100-index decreased from 435 million shares to 407.2 million shares while traded value also declined by 7 percent to reach $86.1m.

Earlier today, Pakistan Muslim League-Nawaz (PML-N) President Shehbaz Sharif was arrested by National Accountability Bureau (NAB) after his interim bail was rejected in money-laundering and assets beyond means case.

According to details, a two-member bench of Lahore High Court (LHC), comprising Justice Sardar Ahmed Naeem and Justice Farooq Haider, heard opposition leader Shahbaz Sharif's bail plea.

Shehbaz Sharif’s lawyers Azam Nazir Tarar and Amjad Pervez Advocate concluded the arguments after which court rejected his bail petition.

NAB team arrested him from the premises of LHC after the court dismissed his plea for extension in the interim bail.

Shehbaz Sharif will be produced before the accountability court for physical remand on September 29.