KSE-100 nosedives over 2,000 points amid 'unexpected' poll results

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.