Pakistan Stock Exchange bleeds over 2000 points amid uncertainty over Elections Results


KARACHI – The Pakistan Stock Exchange saw panic in the post-election session as investors fell to uncertainty after the election results started coming out.

In early hours of Friday, the benchmark KSE-100 index saw a drop of 2,000 points before making some inroads during the post-election trading session.

At the start, the KSE benchmark index plunged to 61,781.76, a drop of over 2,000 points in light of unexpected general election results.

Experts attribute the fall in PSX to delay in election results while panic-hit investors remain cautious to avoid blows.

The change at PSX speaks of unexpected unofficial results as so far it is behind a smoke screen that which party will form the government in the country of 240 million.

On Friday, Index-heavy stocks including Oil & Gas Development Company OGDC and Pakistan Petroleum
 PPL were trading in the red.

Investors were looking for some gains in stock market that closed at 64,143, 345 points higher a day before the polls.

Meanwhile, preliminary and unofficial election results show PTI-backed independent candidates in driving seats while political bigwigs PML-N and PPP are vying for majority.

Source

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