ISLAMABAD: The stock market crashed for the second consecutive trading day after serious allegations of rigging in the general elections held on Feb 8 in the country.
On Friday, a day after the elections, the KSE-100 index lost more than 1000 points amid hue and cries of political parties about delays in the results of the polls and rigging.
The market suffered another major blow on Monday because of demonstrations amid rigging allegations. The KSE-100 index plunged to 61,118 points on Monday with a loss of 1,825 points.
On Friday, the index closed at 62,943 points and the benchmark index suffered a big shosck as investors offloaded their stakes in panic.
The political uncertainty has deepened in the country as not a single party is in a position to form the government. About 134 NA seats are required to form the government in the center and none of the political parties have obtained more than 100 seats.
PTI-backed independent candidates have secured about 100 seats, but they are not in a position to form the government in the center in the prevailing anti-PTI environment.
Meanwhile, the Sindh High Court is currently inundated with challenges to the results of over 30 constituencies in Karachi, spanning the National and Provincial Assemblies, due to allegations of rigging.
The electoral landscape in Karachi is mired in controversy, with numerous candidates seeking legal recourse against perceived irregularities, rigging, and discrepancies in the recent elections.
Challenges have been mounted against various constituencies, including NA-234 Korangi, where MQM’s Aamir Moin’s victory is being contested; NA-239, where PPP candidate Nabil Gabol’s win is under scrutiny; as well as NA-240 represented by MQM’s Arshad Vohra and NA-241 represented by PPP’s Mirza Ikhtiar Baig.
The flurry of petitions contesting election results continues, with Jamaat-e-Islami joining the fray by challenging outcomes in four Sindh Assembly constituencies.
The victory of PPP’s Qadir Patel in NA-243 is also under dispute in the Sindh High Court, with PTI candidate Shujaat Ali Advocate filing a petition. The court has expedited the hearings for all election-related petitions.
Additionally, victories of MQM’s Khawaja Izhaar in NA-247 and Moeed Anwar in PS-101 are facing challenges in the Sindh High Court.
Allegations of irregularities have prompted challenges in various constituencies, citing changed results and discrepancies in tabulation.
Specific instances, such as the alteration of results in Form 47 for PS-101 allegedly favoring the MQM candidate, and claims by independent candidate Abbas Hasnain regarding Form 47 alterations in NA-247, highlight the contentious nature of the process.
Legal battles extend to both National and Provincial Assembly seats, with JI contesting outcomes in several constituencies, including PS-104, PS-124, PS-123, and PS-126.
I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.
