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The Pakistan Stock Exchange (PSX) experienced a meltdown for the second consecutive day, as post-election instability continues unabated, keeping the benchmark KSE 100-share index below 60,000.
On Tuesday, the KSE-100 Index opened negatively at -1,391.00, equivalent to -2.28%, and is currently standing at 59,674.
Despite expectations for a post-election boost, the situation has taken a downturn, exacerbated by the absence of a clear winner in the 2024 Elections.
Experts note that uncertainty regarding the formation of a new coalition government has negatively impacted sentiments in the money market. PSX is anticipated to remain under pressure until clarity emerges on which parties will form the new government, especially as protests are currently underway.
It is worth mentioning here that no party has gained a simple majority in the Center in recent general elections held in Pakistan a few days back and still it is not clear who will be the next Prime Minister. However, Nawaz Sharif and Shehbaz Sharif are strong candidates for the slot.