KARACHI: The Pakistan Stock Exchange (PSX) witnessed a gloomy morning as the KSE-100 index nosedived by over 2,000 points during the intraday trading as 2024 general election results continued to pour in.
The KSE-100 shares index, the benchmark of the country's capital market, fell below the 62,000 mark by losing 2,145.53 points or 3.34% during the intraday trading.
Capital market expert Muhammad Sohail said that the index fell by 3% due to the "unexpected" results of the elections.
The stocks, a day before the general elections in Pakistan, closed on a higher note, boosted by a pre-election rally and hopes of an upgrade in the country’s credit rating, but trading volumes remained thin as investors stayed cautious.
The PSX gained 344.85 points or 0.54% to close at 64,143.87 points on Wednesday.
The highest index of the day remained at 64,196.62 points while the lowest level was recorded at 63,927.29 points.
S&P Global Ratings is expected to review Pakistan’s sovereign rating post-election and it was reported that it could raise it to ‘B’ if the new government shows commitment to fiscal reforms and an International Monetary Fund (IMF) program.
PTI protests paralysed life in Rawalpindi and Islamabad as authorities sealed off twin cities
“The government has strived hard to bring about economic stability,” says finance minister
KSE-100 index hits another record high of 85,663.97 points after scaling an intraday peak of 85,807 points
KSE-100 index closed at 84,910 mark, gaining 1,378.34 points as investors upped bets on scope of SBP rate cuts
Analysts say significant chunk of foreign supply has been absorbed, giving more confidence to buyers
Jameel Ahmed notes decline in inflation has positively impacted monetary policy
