The Pakistan Stock Exchange (PSX) began the day on a gloomy note with the benchmark KSE-100 index and dropped to over 2000 points. It came as the election results for 2024 remained uncertain.
The KSE-100 share index is used as a measure of the country’s stock market. It dropped below 62,000 during the day by losing 2,145.53 points or 3.34% during the intraday trading.
A capital market expert, Muhammad Sohail, stated that the unexpected election results caused the index to drop by 3%. A day before the general elections in Pakistan, stocks closed higher. It increased by a pre-election surge and expectation of an upgrade to the credit credibility of Pakistan. But trading volumes remained low as investors remained cautious.
The Pakistan Stock Exchange (PSX) closed at 64,143.87 points, up 344.85 points or 0.54% on Feb 7, 2024. The maximum index stood at 64,196.62 points, while the lowest points were recorded at 63, 927.29. However, the KSE-100 index of the Pakistan Stock Exchange dropped to over 2000 points after the day of the general elections.
The experts have related the decline in PSX to the ongoing political uncertainty caused by the delay in the results of the general elections in 2024. Unofficial and unverified results for the general elections in 2024 have begun to come in. Vote counting is still in process, and political parties are angry at the delaying process of results announcement.
Pakistanis used their right to vote on Feb 8 to choose who would serve them in the National Assembly and four provincial assemblies. This is the significant election for 2024 on both the national level and international levels.
There are expectations that S&P Global Ratings could raise the sovereignty rating of Pakistan to B if the new government shows commitment to fiscal reforms and an IMF program. The review is likely to happen after the election. Currently, Pakistan stands at a sovereignty rating of C.
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