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Markets

Uncertainty over election results dents PSX sentiments, KSE loses 1,200 points

  • KSE-100 recovers some losses after plunging over 2,000 points during the opening minutes of the post-election trading session
Published February 9, 2024

Uncertainty pertaining to election results took a toll on the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 Index lost over 2,000 points before making some inroads during the post-election trading session on Friday.

During the opening minutes of trading, the benchmark index plunged to a low of 61,781.76, a decrease of 2,362.11 points or 3.8%.

Throughout the trading session, the index experienced significant losses accompanied by a decrease in trading volume and value compared to the previous session.

At close, the KSE-100 settled at 62,943.75 level, with a decrease of 1,200.12 points or 1.87%.

Experts attributed the decline to the general election results that surprised analysts as well as the delay in clarity.

“The delay in election results is driving the market down,” Sana Tawfik, an analyst at Arif Habib Limited (AHL), told Business Recorder. “As the picture gets clearer, uncertainty in the market will reduce,” she added.

Topline Securities said the “initial unofficial results of Pakistan’s general elections are slightly different from pre-election surveys and expert analysis.

“It is clear that no one party can form the government without the support of smaller parties.”

Index-heavy stocks including OGDC and PPL closed in the red.

On Wednesday, the benchmark index had closed 345 points higher, a day before the general elections, aided by a late-session buying spree to settle at 64,143.87.

Conduct of the elections remained generally peaceful but questions over the credibility of this electoral exercise continued to persist in the absence of mainstream political force Pakistan Tehreek-e-Insaf (PTI), and a delay in the election results issuance.

As per preliminary and unofficial results, PTI-backed independent candidates were ahead of their rival candidates in several NA seats early Friday.

The rupee registered marginal improvement as it appreciated 0.02% against the US dollar in the inter-bank market on Friday. At close, the local unit settled at 279.28 after a gain of Re0.06 against the greenback, as per the State Bank of Pakistan.

Volume on the all-share index decreased to 258.1 million from 327.6 million a session before.

The value of shares declined to Rs12.5 billion from Rs14.3 billion in the previous session.

K-Electric Ltd was the volume leader with 20.5 million shares, followed by Oil & Gas Dev. with 18.9 million shares, and Pak Petroleum with 17.9 million shares.

Shares of 319 companies were traded on Friday, of which 55 registered an increase, 241 recorded a fall, while 23 remained unchanged.

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