Apex bourse lacks luster after PM indictment

KARACHI: Benchmark 100-Index of Karachi Stock Exchange (KSE) ended slightly higher on Monday but in low turnover as investors sat on the sidelines amidst political uncertainty after the country's prime minister was indicted for contempt of court, dealers said.

Yusuf Raza Gilani was indicted on Monday for refusing to follow a court order to reopen old corruption cases against his party boss, President Asif Ali Zardari.

Gilani, who pleaded not guilty, and his advisers say Zardari has immunity as head of state, but the court remains unconvinced.

Proceedings will start on Feb. 16, when the prosecution will submit its evidence. Gilani has said that if convicted, he will be forced to step down. He could also face up to six months in jail.

The Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.15 percent, or 18.40 points, to 12,250.00 points on turnover of 116 million shares.

"Most investors stayed out of the market awaiting clarity on the political situation," said Shuja Rizvi, a dealer at brokerage Al-Hoqani Securities Ltd. (Reuters)