KARACHI: The Pakistan Stock Exchange (PSX) witnessed a steep decline during the early morning trading as the benchmark KSE-100 fell by over 1,000 points on Monday amid uncertainty regarding the formation of a new government.
The benchmark index decreased by 1,103.90 points or 1.75% to trade at 61.839.84 points, down from the previous close of 62,943 points.
The PSX on Friday plummeted over 2,000 points initially due to the uncertain outcome of the general elections held on February 8.
However, the market managed to recoup some losses by the day’s end, closing 1.87% lower at 62,943 points.
Market analysts, such as Muhammad Sohail of Topline Securities, attributed the initial decline to the “unexpected” election results, which deviated from pre-election expectations.
This uncertainty triggered a massive sell-off, with the benchmark KSE-100 index losing 3% at its lowest point.
More to follow…