Pakistan Stock Exchange sheds over 2300 points

Bears were unleashed in the Pakistan Stock Exchange (PSX) on Tuesday, with the benchmark KSE-100 index losing over 2,300 points after the cargo situation at the Red Sea rattled investors and pushed industry-heavy stocks to plummet.

Meanwhile, many people on X suggest the market has crashed because investors are concerned about the return of the PDM government and how one-sided elections aren’t in the country’s best interests.

The benchmark KSE-100 index appeared bearish from the opening bell and immediately dropped into the red zone, losing 2,000+ points after trading resumed on Tuesday.

After opening trade at 65,204 points, the benchmark KSE-100 index crashed to 63,463 at 1 PM. Later at 1:40 PM, it clocked in at 63,116, down by 3.2 percent or 2,088 points.

At 1:45 PM, it was down 3 percent or 1,952 points at 63,252.

It settled at 62,883, down 3.64 percent or 2,371 points, its second-biggest day-on-day crash in absolute terms, according to Ismail Iqbal Securities.

PSX has now lost over 3,000 points in the past two days and continues to plunge as stakeholders (investors and politicians) question the legitimacy of the upcoming elections.