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Tuesday, July 23, 2024  
16 Muharram 1446  

Shares at PSX lose over 1,000 points a day after election

The KSE-100 index plunged by 1057.94 points to reach 63,085.93 levels by 11:18pm
Screengrab via PSX website.
Screengrab via PSX website.

Shares at the Pakistan Stock Exchange’s benchmark index lost over 1,000 points in intraday trade on Friday, a day after the general election in the country.

According to the PSX website, the KSE-100 index plunged by 1057.94 points to reach 63,085.93 levels by 11:18pm from the previous close of 64,143.87.

“Initial unofficial results of Pakistan Elections are slightly different from pre election surveys and expert analysis,” the Topline Securities said in a statement.

Tens of millions of people headed to polling stations on Thursday to cast their votes. According to the results so far released by the Election Commission of Pakistan, independents were leading in the National Assembly results followed by the PML-N and the Pakistan Peoples Party Parliamentarians.

But the firm stated that it was clear that “no one party can form the government” without the support of smaller parties.

“Elections results are slow, but according to available media reports, Khan PTI supported independent candidates ahead in many National Assembly seats out of 265,” it said.

“It will be interesting to see in coming days what smaller parties and other independent candidates will do for the formation of new coalition government.”

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