KARACHI: Pakistan Stock Exchange (PSX) saw a significant decline on Monday, with the benchmark KSE-100 index dropping by more than 2,200 points following the reopening of the market after the general elections. As of 3:08 pm, the KSE-100 index had fallen to 60,729 points.
Topline Securities emphasized the importance of clarity regarding the new coalition government's structure, the selection of the prime minister, and the economic team, stating that this information was crucial for investors.
Unofficial results from the February 8 general elections indicate that independent candidates have secured a majority of National Assembly seats, while the PML-N has emerged as the single largest party.
Meanwhile, data released by the State Bank of Pakistan (SBP) revealed that remittances from overseas Pakistani workers increased by 1% month-on-month, reaching $2.53 billion in January 2024, compared to a 26% increase in January 2023.
