Pakistan President Pervez Musharraf's party PML-Q suffered a crushing defeat in the poll on Tuesday.
Pakistan's two main opposition parties Pakistan Muslim League-N and Pakistan People's Patry on Tuesday bagged a simple majority in the parliamentary elections, threatening the eight-year rule of Musharraf.
The private Geo TV network said the two parties had so far won 139 seats, more than half of the 272-seat National Assembly.
The ruling PML-Q, Musharraf's main, ally suffered a humiliating defeat with just 34 seats.
The chairman of PML-Q Chaudhry Shujaat Hussain, conceded defeat, telling AP Television News that "we accept the results with an open heart" and "will sit on opposition benches" in the new Parliament.