Stocks settle below 63,000 in election week

Stocks finished the tumultuous three-session election week on a negative note as the ‘unusual delay’ in announcing election results created uncertainty among investors about a smooth return to a stable political government as a result the benchmark KSE 100-share index came under renewed selling pressure settling the short week below 63,000. As Feb 5 was a closed holiday on account of Kashmir Day, the stock market opened the week on Tuesday rallying 796.10 points on aggressive pre-poll buying with positive news of possible approval by the IMF on circular debt and power tariff rationalisation plans. On the eve of polls, the market continued its overnight bullish trend and added another 344.85 points, propelling the index to settle above 64,000. On Friday, the equities fell like a house of cards and the index plunged by 2,300 points intraday as an inordinate delay in election results triggered aggressive selling.