PSX loses over 3,000 points in post-poll week

Growing doubts about the formation of a new coalition government amid raging protests against alleged manipulation of election results across the country kept the market sentiment depressed in the outgoing week. The equities received a massive battering on the first day of the trading week as nervous investors resorted to panic-selling amid an inordinate delay in announcing a clear-cut power-sharing formula by the PML-N and the PPP wiping out 1, 878 points in a single session. In the subsequent two sessions, the market showed a mild recovery after some progress had been reported on the PML-N-PPP coalition setup. However, the announcement by the Pakistan Tehreek-i-Insaf that it would form governments in the Centre, Punjab and Khyber Pakhtunkhwa with nominations for prime minister and chief ministers jolted the market sentiments and as a result the index lost over 2,280 points in the last two sessions taking the index below the 60,000 level.