Feb 25, 2009

KSE sinks after Sharif's disqualification

Shares closed down five percent Wednesday after the Supreme Court disqualified main opposition leader and former Prime Minister Mian Nawaz Sharif from contesting elections.The court similarly disqualified Sharif's brother Shahbaz Sharif, who is chief minister of the country's most populous Punjab province.The Karachi Stock Exchange's benchmark KSE-100 index shed over 300 points or five percent to close at 5,580.78 on volume of 145.42 million shares.Shares gained one percent before the court ruling but brokers went into panic selling after the judgment was announced.

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