SC verdict: PSX reverses bearish trend, surpasses 44,000-barrier

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) on Friday reversed its bearish trend soon after its opening and surpassed 44,000 mark, a day after the Supreme Court of Pakistan nullified the deputy speaker’s ruling against no-confidence motion, ARY NEWS reported.

The benchmark KSE-100 index gained 411 points as trading continued at 44, 198 in the PSX.

The stock market is being under pressure from Monday when it fell like a house of cards and lost over 900 points amid country’s current political crisis that erupted with National Assembly deputy speaker deeming the no-confidence resolution against Prime Minister Imran Khan “unconstitutional”.

The stock market came under intense selling pressure from the start of trading as the KSE 100-index shed over 1200 points.

The investors said that the PSX is witnessing a bearish trend as the investors are not showing trust in the market after the tense political situation in Pakistan.

However, on Thursday, the Supreme Court (SC) has announced the verdict on the suo motu case and declared the National Assembly (NA) deputy speaker ‘unconstitutional’.

In the landmark verdict, the top court retained the opposition’s no-trust motion against PM Khan. The Supreme Court ruled that the deputy speaker’s ruling was a violation of the Constitution and nullified the dissolution of the National Assembly (NA).

The top court issued directives to immediately wind up the voting process of the no-trust motion against PM Imran Khan. It has been directed that the NA speaker could not adjourn the session for an indefinite period.

Moreover, the apex court ordered the reinstatement of the prime minister and the federal cabinet besides restoring the NA proceeding’s scenario before the deputy speaker’s ruling given on April 3.