IANS | 12 Feb, 2024
The Pakistan Stock Exchange (PSX) witnessed a steep decline during
the early morning trading as the benchmark KSE-100 fell by over 2,200
points on Monday amid uncertainty over the formation of a new
government, a media report said.
The benchmark index decreased by
2,232.91 points or 3.55 per cent to trade at 60,710 points, down from
the previous close of 62,943 points, Geo News reported.
Samiullah
Tariq, the head of research at Pakistan-Kuwait Investment Company,
attributed the loss to the "uncertainty over the formation of the
government", the report said,
On February 8, Pakistan conducted
its 10th general elections with a large number of Pakistan
Tehreek-e-Insaf (PTI)-backed Independent candidates clinching victory.
The PSX on Friday plummeted by over 2,000 points initially due to the uncertain outcome of the general elections.
However, the market managed to recoup some losses by the day's end, closing 1.87 per cent 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, Geo News reported.
