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Pakistan stock market sinks as uncertainty surrounds election results

IANS | February 09, 2024 02:33 PM

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, local media reported.

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 per cent during the intraday trading, Geo News reported.

Capital market expert Muhammad Sohail said that the index fell by 3 per cent due to the "unexpected" results of the elections.

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 per cent 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, Geo News reported.

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