Brokers protest against arrest of AKD securities’ officials; KSE tumbles

KARACHI: The Karachi Stock Exchange witnessed a bearish trend on Tuesday following a FIA raid at AKD Securities offices located at KSE building last day and arrest of CEO of the brokerage house Fareed Alam and two directors – Tariq Ghumra and Mohammed Iqbal.

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The FIA said the arrests were made on fraud charges.

A large number of brokers today gathered outside the KSE building and protested against arrest of their colleagues.

In the wake of arrests, the KSE witnessed a bearish trend as the 100-share index shed around 500 points at mid-day trade.

The KSE has also taken up the matter with Finance Minister Ishaq Dar. Chairman KSE Munir Kamal met the finance minister in Islamabad and termed the arrests as illegal and demanded release of the nabbed officials.

Earlier, he told the media persons that brokers were calling for closure of stock against the ‘illegal arrest and raid’.

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