PSX faces turmoil as election results remain uncertain

The Pakistan Stock Exchange (PSX) witnessed a sharp decline on Friday as the market reacted to the delayed results of the general elections.

The benchmark KSE-100 index opened at 64,143.87 points and dropped to as low as 61,781.76 points in the first few minutes of trading, losing over 2300 points or 3.8% of its value. 

The index partially recovered later in the day, and closed at 62,943.74 points, down by 1200.13 points or 1.87%.

Market analysts attributed the fall to the uncertainty surrounding the election results, which showed no clear majority for any single party. 

Some index-heavy stocks, such as Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL), were among the worst performers on Friday, as investors opted to sell their shares amid the volatility.

The PSX had gained 345 points, or 0.54%, ahead of the elections’ day session, as the market anticipated a smooth and peaceful transition of power.