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Pakistan Stock Exchange bleeds over 2000 points amid uncertainty over Elections Results

10:56 AM | 9 Feb, 2024
Pakistan Stock Exchange bleeds over 2000 points amid uncertainty over Elections Results
Source: File Photo

KARACHI - The Pakistan Stock Exchange saw panic in the post-election session as investors fell to uncertainty after the election results started coming out.

In early hours of Friday, the benchmark KSE-100 index saw a drop of 2,000 points before making some inroads during the post-election trading session.

At the start, the KSE benchmark index plunged to 61,781.76, a drop of over 2,000 points in light of unexpected general election results.

Experts attribute the fall in PSX to delay in election results while panic-hit investors remain cautious to avoid blows.

The change at PSX speaks of unexpected unofficial results as so far it is behind a smoke screen that which party will form the government in the country of 240 million.

On Friday, Index-heavy stocks including Oil & Gas Development Company OGDC and Pakistan Petroleum
 PPL were trading in the red.

Investors were looking for some gains in stock market that closed at 64,143, 345 points higher a day before the polls.

Meanwhile, preliminary and unofficial election results show PTI-backed independent candidates in driving seats while political bigwigs PML-N and PPP are vying for majority.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 26 Feb 2024

Pakistani currency remains stable against US dollar in the open market on February 26, 2024 (Monday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 26 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94

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