Shebaz’s indictment delayed as he postpones return to Pak

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Islamabad, May 14 | The indictment of Pakistan Prime Minister Shehbaz Sharif and his son, Punjab province Chief Minister Hamza Shehbaz, in a 16 billion PKR money laundering case was delayed again on Saturday after the premier submitted an application to be exempted from the hearing.

Last month, a special court in Lahore had directed Shehbaz and Hamza to ensure their presence at the next date of hearing (May 14) for the framing of charges against them, Dawn reported.

When the hearing resumed on Saturday, their lawyer, Mohammad Amjad Pervaiz, submitted an application on Shehbaz’s behalf, seeking exemption from appearance.

The application stated that Shehbaz was scheduled to return from his visit to the UK on Friday but was delayed since an appointment with his medical consultant could not be set up before 12.30 p.m. on Saturday, Dawn reported.

Shehbaz is a cancer survivor and a patient of chronic backache and his medical check-up had been long overdue since the previous PTI government did not allow him to fly abroad, it stated.

The application further stated that Shehbaz also had to reschedule his return so he could visit the United Arab Emirates (UAE) to offer his condolences on the passing away of the country’s president, Sheikh Khalifa bin Zayed Al Nahyan.

“The non-appearance of the petitioner is neither malafide nor intentional, rather, the same is on the account of the above said reason,” it added.

Subsequently, Presiding Judge of the Special Court (Central-I) Ijaz Hassan Awan accepted the application and extended Shehbaz and Hamza’s pre-arrest bails till May 21.

Source: IANS

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Share Market Closing Bell: Market ends marginally lower amid volatility

Share Market Closing Bell: Market ends marginally lower amid volatility

Dalal Street witnessed tug of war between bulls and bears as Sensex settled at 54208.53 losing 109 points or 0.20 percent and Nifty ended at 16240.30 with loss of 19 points. Bank nifty closed the session at 34163.70 levels with loss of 138 point after erasing early session gain.

BSE Midcap and BSE Small cap indices turned flat after rising around half a percent each. On the sectorial front, Nifty Pharma and FMCG have contributed a percent each on a closing basis. On the flip side Nifty Realty, Nifty PSE ended with losses of 1.75 percent and 1.73 respectively. In Nifty stocks, TATACONSUM, CIPLA and ADANI PORT were the top gainers while POWERGRID, BPCL and TECHM were the prime laggards.

In the daily chart Nifty has ended with a bearish candle. However 16200 levels are protected throughout the day. Index might face high volatility on weekly expiry day. Riding against the trend may not be beneficial for short term traders. According to volume profile 16100 and 16000 may act as immediate support.

Indicators such as MACD and RSI are still struggling to overcome from oversold zone in the daily time frame. From the time cycle prospect Index would remain highly volatile till 27th May of this month. Bollinger band indicates 16650 would remain strong resistance in coming days. On the other hand, Bank nifty has support at 33400 levels while resistance at 35000 levels.

Om Mehra
Research Associate
Choice Broking

Source: Choice India

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