Imran Khan's arrest sparks panic in PSX, triggers sell-offs

May 09, 2023 (MLN): The benchmark KSE-100 index has lost over 440 points [2:45 pm] in intraday trade right after the arrest of Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan in the Al-Qadir Trust case by Rangers from outside Islamabad High Court.

The KSE-100 index is being traded at 41,389.23 points. 

Commercial Banks, Oil & Gas Exploration Companies, and Fertilizers have witnessed higher selling activity as they have lost around 125, 90, and 85 points respectively.

Company-wise, the scrips of ENGRO, MTL, MARI, LUCK, and SYS have endured the maximum losses.

Imran Khan had visited Islamabad High Court to seek bail in multiple FIRs registered against him. 

Earlier, the real estate tycoon Malik Riaz recorded his statement with the National Accountability Bureau (NAB) along with former ministers of Imran Khan’s cabinet in the Al Qadir University land allotment case.

The development surfaced on Wednesday as NAB pursues a graft case against former prime minister Imran Khan.

Others included in the case are former federal overseas minister Zulfiqar Bukhari, and former advisor on accountability Shehzad Akbar are also involved in the case where land was allotted for Al Qadir Trust University in exchange for ensuring that the £190 million (Rs50 billion) seized in the UK are returned to Riaz in Pakistan.

Sources claimed NAB has recorded an initial statement of Malik Riaz in the case.

It is pertinent to note that Riaz appeared before the bureau at its Rawalpindi office two weeks ago. 

Last year in November, NAB sent call-up notices to property tycoon Malik Riaz and asked him to come up with a complete record regarding the purchase of 458 kanals in Sohawa Tehsil, the agreement through which Bahria Town donated land to Al Qadir Trust along with revenue documents, and details of other property transferred by him, or by any of his relatives, in favor of Al Qadir Trust or any of its trustees. 

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