15/01/2013
Market Wrap – Stocks Tumble on Court’s Decision
- Pakistan equities tanked the most on a single day in the last 17 months as Supreme Court of Pakistan ordered the arrest of Prime Minister, Raja Pervaiz Ashraf, in a corruption case under hearing, related to rental power projects.
- Interestingly, Kot Addu Power (KAPCO) increased 2.2% and hit upper lock during panic selling and closed positive, which remains a mystery, as large quantity blocks changed hands on the system earlier in the day at a much lower price.
- News flow would guide the direction in days ahead.