The stock market crashes 1,405 points after election day

 The stock market crashes 1,405 points after election day

The stock market crashes 1,405 points after election day

KARACHI: The stock market fell more than 1,800 points on Monday, the week following the elections, indicating the political unrest that followed.

The index saw gains last week for the majority of the week, with small gains extending through Friday. But within an hour of trading on Friday, the day following the general elections, the Pakistan Stock Exchange (PSX) fell 1,405 points.

The index opened at 62,943.74 points today, Monday. The benchmark KSE-100 index dropped to 61,133.92 points by 2:00 PM.

The majority of the index’s decline was attributed to E&P companies, who also kept the index lower as noon approached.

This is an image of the index at the moment this story was filed:

Also Read: January sees 0.6% rise in workers remittances

Workers remittances were $15.8 billion in the first seven months of the current fiscal year, according to SBP.

After seven months of the fiscal year, remittances totaled $15.8 billion.
Remittances rose 26.2% year over year.
Saudi Arabian laborers in Pakistan sent $587.3 million.

KARACHI: The State Bank of Pakistan (SBP) released a statement on Monday stating that the remittances from foreign workers were $2.4 billion in January.

“Remittances grew by 26.2% year over year. And by 0.6% month over month in January 2024, according to the central bank.”

The central bank also disclosed that worker remittances totaled $15.8 billion during the first seven months of the current fiscal year.

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Web Desk

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