ISLAMABAD: Pakistan Stock Exchange made some recovery today (April 4) while anticipating a suitable decision by the Supreme Court about the dissolution of National Assembly and dismissal of no-trust move by Deputy Speaker.
On Monday, Chief Justice of Pakistan said that the court will announce a suitable decision, but the court adjourned the hearing till Tuesday sharp noon.
On Tuesday the stock market begun trading with more than 100 points decline, but equities made some recovery in anticipation of a good decision of the apex court which can pull out the country from the prevailing serious political and constitutional crisis.
Till 10:40am today, 100-index of Pakistan Stock Exchange has gained 261 points, mounting to 44,163 points. If the Supreme Court gave any reasonable decision today, it will revive a bullish sentiment in the stock market, according to analysts.
A day earlier, Pakistan Stock Exchange has strongly reacted to dissolution of National Assembly and it crashed by more than 1200 points at the start of trading this morning (April 4).
The PSX benchmark 100-index closed with a decline of over 1200 points on Monday.
Dissolution of National Assembly has shocked investors who were expecting a clear decision in the wake of majority of opposition parties in the parliament. Instead of facing a no-confidence move, the PTI government rejected it ‘terming it a conspiracy’ and on the advice of Prime Minister, President of Pakistan Dr Arif Alvi dissolved the National Assembly, shocking everyone in the country and abroad.
On Friday the PSX edged up over 45,300 points when the opposition parties claimed its majority in the National Assembly, but dissolution of NA derailed the positive sentiment at the market and the 100-index skipped below 44K level on April 4.
The five-member bench of the Supreme Court of Pakistan headed by CJP Umar Ata Bandial will take up for hearing the dismissal of no-trust move by the Deputy Speaker around 12 Noon today (April 5).
