‘No one knows what’s going to happen’: Pakistan Stock Exchange plunges 1,700 points amid election result uncertainty  

Pakistan general elections 2024: The benchmark KSE-100 index of the Pakistan Stock Exchange declined by 1,700 points on Friday amid uncertainty over the general election results. The slow announcement of results has led to a surprising lead for independent candidates supported by the Pakistan Tehreek-e-Insaf (PTI) party of disqualified and jailed ex-Prime Minister Khan.

The results of Pakistan general elections are yet to be declared despite polls concluding at 5 pm on Thursday. The delay in announcing the winner of the elections has prompted Imran Khan’s PTI to claim that attempts are being made to alter the poll results that have gone in their favour. 

A leading financial analyst attributed the drop in the KSE-100 index to investors preferring to sell rather than buy in the unclear post-election scenario.  “No one knows what is going to happen and who will form the next government so it is understandable how the investors are reacting today,” Hammad Zafar at Topline Securities said.

The markets then recovered slightly by 2.68 per cent to stand at 62,423.60 points from the previous close of 64,143.87 by noon.

Zafar Paracha, the head of the Pakistan Forex Association said that the markets expected Nawaz Sharif’s Pakistan Muslim League to win the polls because of “all the talk before elections” but the results are clearly going in a different way. Imran Khan’s PTI is expecting a history win for the party due to the historic outpour of support. 

Another analyst said that the markets will go up again once the results are confirmed. “Right now everything happening is temporary,” the analyst opined.              

PTI has also claimed that the results are being rigged and that the “overwhelming mandate of the people of Pakistan is being stolen”. 

Moreover, UN chief Antonio Guterres has asked the political leaders and people of Pakistan to remain calm. “I continue to follow the situation in Pakistan closely, including the general elections that took place today. I am also concerned about reports of incidents of violence and casualties, and the suspension of mobile communications services,” he said.