Stock Market plummets 1,405 points following election day

KARACHI: On Monday, the week after election, the stock market plummeted over 1,800 points, reflecting the political uncertainty that has ensued after the elections.

Last week, the index put up gains on the board for the better part of the week with minor gains continuing until Friday. However, on Friday – the day after the General Elections – Pakistan Stock Exchange (PSX) plummeted 1,405 points within an hour of trading.

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Today (Monday), the index opened at 62,943.74 points. By 2 PM, the benchmark KSE-100 index had fallen to 61,133.92 points.

Bulk of the decline in the index came from E&P companies, which continued to pull the index down towards noon as well.

Here is a snapshot of the index at the time of filing of this story: