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Stocks end down over SC order uncertainty

August 03, 2012


A trader on the floor of the Karachi Stock Exchange.—Reuters (File Photo)

ISLAMABAD: Pakistan’s main stock market closed down on Friday on investor concerns over a Supreme Court decision on a contempt law, coupled with downward trends in regional markets, dealers said.

The Karachi Stock Exchange benchmark 100-share index lost 54.24 points, or 0.37 per cent, to close at 14,676.43 on volume of 35.98 million shares.

“Uncertainty regarding the outcome of the Supreme Court hearing kept investors away from the market,” said Samar Iqbal, a dealer at Topline Securities.

“A few investors preferred to book some gains as regional markets came under pressure.”

The Supreme Court was due to rule on Friday over whether a recently promulgated law protecting senior officials, including the prime minister, from being charged with contempt of court violates the constitution.

The apex court, announcing its verdict later in the day, struck down the law, declaring it unconstitutional and illegal.

Former Prime Minister Yousuf Raza Gilani was disqualified by the Supreme Court in June after he was found guilty of contempt for failing to re-open old corruption cases against President Asif Ali Zardari.