Friday, February 09, 2024

KSE-100 index plunges over 2,000 points as uncertainty surrounds election results

KSE-100 shares index falls below 62,000 mark by losing 2,145.53 points or 3.34%

A trader can be seen at the Pakistan Stock Exchange (PSX) building in Karachi. — PPI/Files
A trader can be seen at the Pakistan Stock Exchange (PSX) building in Karachi. — PPI/Files

  • KSE-100 loses 2,145.53 points or 3.34%.
  • Expert says plunge due to unexpected poll results. 
  • Stocks closed higher day before elections. 

KARACHI: The Pakistan Stock Exchange (PSX) opened the day on a negative note as the benchmark KSE-100 index plunged over 2,000 points on Friday as uncertainty surrounded election 2024 results. 

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 KSE-100 graph. — PSX website
The KSE-100 graph. — PSX website 

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.