KSE-100 Index Plummets Near 64,000 Amid Senate Approval for Election Delay Resolution

Investor sentiment at the Pakistan Stock Exchange (PSX) took a hit as the benchmark KSE-100 index experienced a significant drop of nearly 900 points during the latter half of Friday's trading session.

While the initial half of the trading day saw a relatively stable market, news of the Senate's approval of a resolution proposing a delay in the general elections led to a sharp decline in stock values.

Following the mid-session break, the index, which had been positive by 290 points around 2:40 pm, abruptly turned negative, reaching almost 900 points in the red by 2:50 pm.

By 3:03 pm, the benchmark index was at 64,048.76, reflecting a decrease of 590.39 points or 0.91%.

This development unfolded after the Upper House of Parliament voted in favor of a resolution seeking to postpone the general elections. Senator Dilawar Khan, the proponent of the resolution, cited cold weather and security concerns as the driving factors behind the proposed delay.

The approval of the resolution, just a little over a month before the scheduled general elections on February 8, has raised apprehensions about escalating political instability in the South Asian country, which is already grappling with a multitude of challenges.