Stocks bear bumpy ride to end flat

KARACHI: Stocks seesawed on Friday as fears began to fade over ongoing political instability after the Supreme Court verdict on Panama case that led to a flurry of volatility but no overall direction, dealers said.

The benchmark index dived 3.64 percent in the early hours, but recovered all losses and closed marginally positive on the Supreme Court’s much-awaited verdict that disqualified prime minister Nawaz Sharif, ending the political uncertainty.

An exciting day came to an end with benchmark index closed in green zone after wild swings as Supreme Court announced the much-awaited verdict on Panama Case and disqualified Prime Minister Nawaz Sharif, said an analyst at Elixir Securities.

“Following the decision, Nawaz Sharif announced stepping down and dissolved the federal cabinet with meetings ongoing to decide on appointing a new prime minister.”