Pakistan Stock Exchange plunges 3500 points due to increasing risk of showdown with India
Islamabad, Apr 30 (PTI): The Pakistan Stock Exchange (PSX) plunged by more than 3,500 points on Wednesday as uncertainty took hold due to increasing risk of a showdown with India.
Information Minister Atta Tarar said that India was planning military action against Pakistan in 26 to 36 hours, spreading panic in the market.
The market maintained a downward trend throughout the day and finally the index closed at 111,326.57, down by 3,545.61 or 3.09 per cent, from the last close of 114,872.18, according to the data provided by the PSX.
Analysts attributed the plunge to the uncertain security situation after the Pahalgam terrorist attack of April 22 that killed at least 26 people.
The Dawn newspaper reported that Mohammed Sohail, chief executive of Topline Securities, attributed the decline to “news of a likely attack in the 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”.
“The market in the short term will most likely follow news flows of Pakistan-India tensions,” he added.
Sana Tawfik, head of research at Arif Habib Limited, also credited the slump primarily on geopolitical tensions between India and Pakistan.
Earlier in the day, Information Minister Tarar said that “credible intelligence” reports indicated that India was planning to conduct military action in the next 24 to 36 hours.
His statement came after India gave its military “operational freedom” to respond to the Pahalgam attack.
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I applaud govt, stand solidly with our armed forces: Shashi Tharoor
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New Delhi (PTI): Senior Congress leader Shashi Tharoor on Wednesday applauded the government and expressed solidarity with the armed forces, while asserting that India has behaved in a manner that would not justify further expansion of the conflict.
Tharoor also said it time for all concerned to act wisely to prevent uncontrolled escalation.
Sharing an article he wrote last week, Tharoor said in a post on X, "A set of calibrated, calculated, precise strikes against terror targets. Exactly what I had advocated last week: hit hard, hit smart. I applaud the government and stand solidly with our armed forces."
"At the same time we have behaved in a manner that would not justify further expansion of the conflict. We have made our point and acted in self-defence," the former Union minister said.
Time for all concerned to act wisely to prevent uncontrolled escalation, Tharoor added.
Earlier, in another post, Tharoor, wrote, "So proud of my country today.Jai Hind!" In retaliation for the Pahalgam terror attack, Indian armed forces carried out missile strikes early Wednesday on nine terror targets in Pakistan and Pakistan-Occupied Kashmir, including the Jaish-e-Mohammad stronghold of Bahawalpur and Lashkar-e-Taiba's base Muridke.
The military strikes were carried out under Operation Sindoor two weeks after the massacre of 26 civilians in Jammu and Kashmir's Pahalgam.
"A little while ago, the Indian armed forces launched 'Operation Sindoor' hitting terrorist infrastructure in Pakistan and Pakistan-occupied Jammu and Kashmir from where terrorist attacks against India have been planned and directed," the defence ministry said in a statement at 1.44 am.
It said the actions by the Indian armed forces have been "focused, measured and non-escalatory" in nature and that no Pakistani military facilities have been targeted.
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