Pakistan Stock Exchange crashes 1% after arrest of former PM Imran Khan

Pakistan Stock Exchange crashed 1 per cent in reaction to the arrest of former Prime Minister Imran Khan from outside of the Islamabad High Court on Tuesday. He has been arrested in a corruption case, known as the Al-Qadir Trust case. PTI leader and former minister Fawad Chaudhry said in a video message that the court premises was “attacked” by security forces who arrested Khan.

The market was trading at 41,798.64 at 2:16 pm. When the news of Imran’s arrest broke, KSE-100 (Karachi Stock Exchange) crashed 1 per cent to 41,277.73, while recovering marginally and closing at 41,373.81 by 3:30 pm at the day's end. The benchmark Index lost 455 points in today’s trading session.

The arrest comes at a time when ordinary Pakistanis are reeling from the worst economic crisis in decades, with record-high inflation and negative growth.

Interior Minister Rana Sanaullah told reporters that Khan was arrested by the National Accountability Bureau (NAB) after he did not appear before it "despite notices".

The NAB had issued Khan’s arrest warrants on May 1, according to an order seen by Reuters. “Khan is accused of commission of the offence of corruption and corrupt practices," it said.

Imran Khan released a video before his arrest in which he said, "Let me make it clear as I am leaving (for Islamabad), they don’t need to bring police, rangers, Frontier Corps and army in great numbers, as it would be hard on the national treasury. If someone has warrants to arrest me, then come to me with warrants, my lawyers will be there."

"I am ready to go to jail myself. Making a scene would be wasting resources as if the country's big criminal is coming. Do me a favour, don’t create such drama. Provide warrants straight up. Although I don’t have any case against me that warrants arrest, I am mentally prepared to be jailed. If you want to send me to jail, I am prepared for it. I am prepared to go to jail."