Islamabad, Apr 30 (UNI) Pakistan’s stock exchange (PSX) has crashed by 3,500 points over its panic on potential Indian military retaliation following the deadly Pahalgam terror attack in Kashmir.

The country’s benchmark KSE-100 index slumped by over 3.14% today, decreasing by 1,717.35 points, or 1.5%, to stand at 113,154.83 from the last close of 114,872.18, Dawn reported. By morning, the index declined by 2,073.42 points, or 1.8%, from the last close.

Trading volume stood at over 254 million shares, with a total market value of PKR 24.21 billion (USD 87 million).

By afternoon, the KSE-100 index plunged by 3,255.42 points, or 2.83%, from the last close, before closing at 111,326.57, down by 3,545.61 or 3.09%, from the last close of 114,872.18.

The drop was attributed to the lack of investor confidence due to the warning issued by Information Minister Attaullah Tarar regarding heightened regional tensions.

Speaking to Dawn, Mohammed Sohail, chief executive of Topline Securities, attributed the decline to “news of likely attack in next few days”.

Awais Ashraf, director research at AKD Securities, said, “Investors are worried about potential Indian military action against Pakistan, concerns that have intensified following the information minister’s press briefing.”

Yousuf M. Farooq, director of research at Chase Securities, echoed the same sentiments.

He said that the market was under pressure following the information minister’s “statement last night suggesting that India may take military action within the next 24–36 hours”.

This drop in PSX is bad news for Pakistan’s already debilitating economy. The country has already witnessed little private investment, and few returns from public sector units.

Following the Pahalgam attack which led to the deaths of 26 tourists, India’s retaliatory actions against Pakistan’s state-sponsored terrorism have created great anxiety amongst investors, many of whom are pulling out or completely refusing to invest any money.





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