Pakistan Stock Exchange Plunges Today, a huge decline is being seen in the stock market of Pakistan. The results of general elections are about to be announced in Pakistan.
Even before the election results, Pakistan Stock Exchange’s benchmark KSE-100 index fell by 1700 points on Friday. On Wednesday, the PSX closed at 64143.87, up 344.85 points or 0.54 percent.
Pakistan Share Market: The results of general elections are about to be announced in Pakistan. The election results have not been announced yet. Pakistan Stock Exchange’s benchmark KSE-100 index fell 1,700 points on Friday, even before the election results..
According to Geo News report, the country’s capital market benchmark KSE-100 stock index fell below 62,000 points during intraday trading with a decline of 2,145.53 points or 3.34 percent.
Capital markets expert Muhammad Sohail said the index fell 3 percent due to the “unexpected” results of the elections.
A day ahead of general elections in Pakistan, stocks closed higher on pre-poll rally and hopes of an improvement in the country’s credit rating, but trading volumes remained low as investors remained cautious.
At the same time, on Wednesday, PSX closed at 64,143.87 points, up 344.85 points or 0.54 percent. Today the highest index of the day was 64,196.62 points while the lowest level was recorded at 63,927.29 points.
Geo News reports that S&P Global Ratings is expected to review Pakistan’s sovereign rating after the elections and that it may upgrade it if the new government shows commitment to fiscal reforms and the International Monetary Fund (IMF) programme. Can increase till ‘B’.