Last update: Sat, 22 Oct 2016 10pm

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A bearish trend was witnessed on Pakistan Stock Exchange (PSX) due to prevailing political uncertainty in the country. The benchmark KSE-100 index declined by 254.52 points to close at 41,291.43 points on Friday. Trading activity also remained low and the daily trading volumes declined to 529.533 million shares as compared to 561.925 million shares traded Thursday. The market capitalisation reduced by Rs 44 billion to Rs 8.429 trillion. Out of 438 scrips, 258 closed in negative, 169 in positive while the value of 11 stocks remained unchanged.
On Friday, BRIndex30 opened at 23,815.88 points. It touched an intraday high of 23,848.69 points and an intraday low of 23,596.33 points and closed at 23,620.65 points which was -195.23 points or -0.82 percent lower than previous close. Total volume was 290,770,700, which was 54.91 percent of KSE All share volume and 133.52 percent of KSE 100 volume. The KSE All Share volume was 529,533,640 and KSE 100 volume was 217,777,170.
After a preliminary hearing of pleas seeking disqualification of country's chief executive in the wake of the Panama leaks, Supreme Court on Thursday issued notices to 11 respondents, including Prime Minister Nawaz Sharif and his family members. Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan, chief of Jamaat-e-Islami (JI) Sirajul Haq, Awami Muslim League (AML) chief Sheikh Rasheed, Watan Party chairman Zafarullah Khan and a lawyer Tariq Asad had filed petitions in the matter.
Prime Minister Nawaz Sharif welcoming the start of Panama Papers' proceedings in the Supreme Court Thursday said he fully believed in upholding the supremacy of Constitution, rule of law and complete transparency. "I wholeheartedly welcome the start of proceedings in the Supreme Court with regard to the Panama Papers," the Prime Minister said in a statement issued by PM's Media Office here.
Declaring the apex court hearing on Panama leaks a step forward towards making the rulers involved in corruption accountable, Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan on Thursday said that he has brought a 'king' Prime Minister Nawaz Sharif under the law. Taking to media persons after the hearing outside Supreme Court, he called upon the apex court for speedy hearing of the case, saying his party has been waiting for justice for the last three years.
The United States said Thursday that Pakistan has to reform its tax system, investment policies and dispute resolution mechanism to attract Foreign Directive Investment (FDI) and increase external trade from the rest of the world, including the US. This was stated by Assistant US Trade Representative (AUSTR) for South Asia Michael J Delaney at an on-the-record roundtable at a local hotel after two-day discussions with Pakistani authorities under the umbrella of Trade and Investment Framework Agreement (TIFA) Council. United States Trade Representative (USTR), Michael B Froman presided over the meeting.
Punjab is considering revising DC rates on immovable properties however, the final decision would be taken in view of revenue performance of first quarter of the current fiscal year, Punjab Finance Minister Ayesha Ghaus Pasha told Business Recorder. Dr Pasha added that it is expected that some decision would be taken soon in this regard and said: "we are reviewing the entire revenue situation at the provincial level and would also take up the issue of immovable properties valuation with the federal government".