PSX plunges 3.68% after \'election upset\'

The Pakistan Stock Exchange (PSX) nosedived by 3.68%, equivalent to 2,362 points, soon after opening on Friday. Panic selling ensued in the aftermath of the upset in the general elections, causing the index to hit a 10-day low at 61,782 points. Muhammad Sohail, CEO of Topline Securities, commented briefly, "PSX down…after unexpected election results". According to the partial results of Thursday's general elections in the country, PTI-backed independent candidates were leading on the majority of National Assembly seats, contrary to pre-election survey results and expectations that the PML-N would form the new political government at the Centre. The unexpected election outcome triggered panic selling among investors. They also offloaded part of their holdings due to apparent uncertainties in the election results, particularly in Karachi, the city of seaports and the hub of economic activities in the country.