Pakistan's stock market crashes
fearing political uncertainty
Pakistan Stock Exchange's
benchmark KSE-100 index slumped by 1,700 points on Friday as confusion
prevailed over the results of the Pakistan elections 2024
Press Trust of India February 09,
2024
A stock broker reacts while
monitoring the market on the electronic board displaying share prices during
trading session at the Pakistan Stock Exchange, in Karachi. FILE/REUTERS
The Pakistan Stock Exchange’s
benchmark KSE-100 index went down by 1,700 points on Friday as confusion
prevailed over the results of the general elections in Pakistan.
Pakistan authorities are moving at
a snail’s pace to announce the election results that in a surprising
development showed disqualified and jailed ex-Prime Minister Khan’s Pakistan
Tehreek-e-Insaf (PTI) party supported independent candidates leading the show.
A top financial analyst said that
the KSE-100 index has plummeted because investors were looking to sell instead
of buying due to the uncertain situation created after the elections.
Imran Khan declares victory in the
Pakistani election in an AI-generated party video
Imran
Pakistan Election Results 2024:
Poll body's new app hits snag as authorities grapple with delays
No one knows what is going to
happen and who will form the next government so it is understandable how the
investors are reacting today, Hammad Zafar at Topline Securities said.
As results of the general
elections continued to trickle in, the PSX website said the index plunged by
2,278 points shortly after trading began
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