KSE-100 Index drops over 900 points, amid Shehbaz Sharif arrest

The Pakistan Stock Exchange (PSX) KSE-100 Index on Monday dropped over 900 points after the National Accountability Bureau (NAB) arrest PML-N President, Shehbaz Sharif.

The KSE 100 Index stood at 40,740.95 points dropping by 960.28 points, showing a percentage change of negative 2.3 percent. The volume stood at 282,032,239, whereas the value stood at 11,211,323,341.

The Lahore High Court (LHC) rejected the interim bail of PML-N president Shahbaz Sharif in a money laundering case after which the NAB arrested Shahbaz Sharif.

A two-member bench of the Lahore High Court headed by Justice Sardar Ahmed Naeem heard Shahbaz Sharif's bail plea in the money laundering case.

A large number of PML-N followers and supporters were present outside the court and chanted slogans against the government. Following his arrest, PML-N information secretary Marriyum Aurangzeb said the entire nation has been handcuffed through Sharif's arrest.

NAB has filed Rs8 billion reference of money laundering against Sharif, his two sons and other family members. The main suspects are Sharif's wife Nusrat Shehbaz, his sons Hamza Shehbaz and Suleman Shehbaz, daughters Rabia Imran and Javeria Ali.

The accountability watchdog said that Shehbaz's family received fake foreign remittances of billions in their personal bank accounts. It added that the family has failed to justify the sources of funds used for the acquisition of assets.