KARACHI: After an extended period of bland returns, all it took was the Panama-gate decision to drive the benchmark index up by 4.5 percent – or 2,132 points – in the past week. An Elixir Securities’ analyst said that while the Supreme Court’s judgment was not entirely in favor of the prime minister, as it ordered further probing through a Joint Investigation Team (JIT), the decision was celebrated by investors. It – for the time being – averted the threat of a dismissal of the head of state. The index was driven by the heavyweight sectors i.e. Exploration and Productions (E&Ps) added 313 points, Cement 287 points, Commercial Banks 287 points, Fertilizer 274 points, and Oil Manufacturing Companies (OMCs) contributed 206 points. Average daily traded volumes also picked up by 62 percent Week on Week (WoW) to 278 million with foreigners remaining net sellers, offloading shares worth $31.97 million against $2.84 million in the previous week. Increased volumes allowed them to book gains and reshuffle their portfolios. “We believe that the recent performance will likely be interrupted in the next couple of months with the Panama-gate case not yet reaching its conclusion. Given the senior justices’ remarks recommending the disqualification of the prime minister, we believe that political noise will likely increase as the decision deadline approaches”, the analyst added. With euphoria emanating from the court decision subsiding, quarterly readings and budgetary proposals will come back into the limelight. With EM upgrade around the corner, foreign flows are a major trigger in the offing as well, he believed. Faizan Ahmed of JS Research stated that adrenaline rushed into the veins of investors after the much needed injection of the Panama case outcome. The benchmark KSE-100 index ran to its highest-ever points increase of 1,906 points in a day before closing with 1,140 point gains on Thursday after a roller coaster ride. Though overall uncertainty remains after the formation of a JIT by the Supreme Court, investors jumped back into the market ahead of the MSCI rebalancing in May 2017. “With the Panama case verdict clearing political uncertainty, along with the upcoming MSCI inclusion, we expect positive sentiments to prevail going forward, however roll-over in future contracts may render paltry resistance to positive sentiments. Moreover, the ongoing result season is likely to gain attraction now while budgetary proposals can direct market performance accordingly”, reported an analyst at AKD Research.