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Tuesday, July 23, 2024  
16 Muharram 1446  

Shares at PSX lose over 1,800 points

Benchmark index closed at 61,065.31 levels
A screengrab taken from the Pakistan Stock Exchange website.
A screengrab taken from the Pakistan Stock Exchange website.

Shares at the Pakistan Stock Exchange’s benchmark index lost over 2,100 on Monday, as the market opened after the general elections.

According to the PSX website, the KSE-100 index shed 1878.43 points, or fell by 2.98%, to close at 61,065.31 levels.

In its report, the Topline Securities said that clarity on the structure of the new coalition government, the prime minister, and the economic team was “crucial for investors”.

The provisional results by the Election Commission of Pakistan show independent candidates have secured a majority of the National Assembly seats while the PML-N emerged as the single largest party.

The N-league has started reaching out to the PPP and the MQM-P for the formation of a coalition government.

“Another key area to look for is how the new government will manage economic challenges, especially to deal with the IMF for a long-term program,” it said.

The firm added that investors were keen to see the finance team of the new government, considering the “not-so-pleasant experience” with the PML-N nominated finance minister in the last coalition government.

It warned that the weak coalition government would dampen the prospects of wide-ranging economic reforms.

“The new government and its finance minister can play a significant role in negotiating with friendly countries for debt rollover/debt re profiling and finalizing a new IMF program that requires a lot of painful reforms.”

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