Raila said the Wafula Chebukati-led commission might have declared Kenyatta president, but a vast number of Kenyans have not accepted the legitimacy of the decision and will not accept it until they have answers to profoundly disturbing questions that have been raised.
Odinga has said he will announce "the next course of action" on Tuesday, leaving Kenya on tenterhooks.
Kenyan opposition leader Raila Odinga (C) addresses thousands of his supporters after visiting the family of a young girl killed by a stray bullet during protest between opposition supporters and riot police in Mathare North, in Nairobi, Kenya.
The 72-year-old insists he is the rightful victor of a "stolen" election which took place on August 8 and handed victory to incumbent President Uhuru Kenyatta.
That rift predates the country's independence in 1963, and some worry that Odinga's refusal to concede will further complicate reconciliation efforts.
Kenyan shares had slightly lagged this year's gains in other African bourses like Nigeria as investors waited to see how the election would go, market participants said.
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The Opposition will now have to produce the "compelling evidence" it says it has concerning the "rigged" presidential election in court.
In 2013, Raila filed a petition that sought to invalidate the results of the Presidential election, alleging that there was massive electoral fraud and malpractices that helped Uhuru Kenyatta to win.
Since the results were announced, Odinga supporters have mounted sporadic protests in Kisumu and the Nairobi slums that are his strongholds.
He ended the suspense Wednesday when he announced the coalition will take its case of what he called a "stolen election" to the Supreme Court, despite previous statements to the contrary.
The National Non-governmental Organizations Board this week said it de-registered the Kenya Human Rights Commission and called for the arrest of the directors of the Africa Centre for Open Governance. But within hours, the Interior Ministry reversed that suspension.
Police have fatally shot 24 people in election violence since the vote, according to the state-funded Kenya National Commission on Human Rights, which monitors government institutions. Traffic jams had returned to the city center.