Pakistan Stock Exchange plunges by over 6 pc over rumours of Indian strike near Karachi
Karachi, May 8 (PTI): The Pakistan Stock Exchange plunged by over 6 per cent on Thursday with trading halted for an hour after rumours of escalation in military action by India near Karachi.
Although the rumours were unfounded, the benchmark KSE100 index tumbled 6,948.73 points, or 6.32 per cent, to 1,03,060.30, before the trading was halted.
Trading resumed with Fatima Bucha of AKD Securities confirming the situation on the floor had calmed down a bit.
“But the situation could get worse as investors are panicking due to the geopolitical situation,” she said. “No one is sure what is going to happen and how and if Pakistan will respond to India's aggression.”
The downward trajectory of the index was largely driven by negative contributions from key stocks such as cement, energy, bank, and technology, which collectively dragged the index down.
Meanwhile the government has taken measures to keep its foreign exchange reserves stabilised.
It has imposed a 60-day ban on importing and exporting precious metals, jewellery, and gemstones from Thursday.
The temporary ban was imposed by a Commerce Ministry Order suspending SRO760 of 2013, which governs the trade of precious metals.
The restriction is linked to the recent impasse with India as a potential strategy to limit the flow of metals.
The State Bank of Pakistan has also informally advised all currency dealers in both inter-bank and open markets to closely monitor dollar outflows, as the escalating conflict could rapidly increase demand for the greenback.
Zaffar Paracha, general secretary of the Exchange Companies Association of Pakistan said if the currency market faced any shortage it could be managed but if there was a prolonged conflict it could damage both countries.
“For now we have not seen any panic buying of dollars, nor had demand escalated,” Paracha said.
According to a currency dealer, over 90 per cent of remittances to Pakistan come through Indian exchange companies, particularly from the West Asia — a channel that may face disruptions if the conflict between the two countries prolongs. “…In the case of a full-fledged war, these companies could be used by India as a tool to pressure Pakistan.”
Currency dealers, speaking on condition of anonymity, said Indian exchange companies are the main handlers of remittances to Pakistan.
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Kerala polls: ‘People rejected 10 years of misrule’, says AICC gen secy
Thiruvananthapuram (PTI): AICC General Secretary K C Venugopal on Monday said the Congress-led UDF’s sweeping victory in the Kerala Assembly polls was a clear verdict against the “arrogance”, corruption, and nepotism of the CPI(M)-led LDF government headed by CM Pinarayi Vijayan.
Addressing a press conference as counting of votes for all 140 Assembly constituencies neared completion, Venugopal said the outcome reflected public anger against what he termed “10 years of misrule” by the Left government.
He claimed that Vijayan’s victory in his home constituency, Dharmadam, was “only technical”, alleging that the CM trailed the UDF candidate in the initial rounds of counting and failed to secure a majority in his own village.
“He just escaped. He suffered a setback even in his home turf. He was the only person who did not realise the people’s mood in this election,” Venugopal said.
Alleging that the CPI(M) and the LDF had resorted to “communal and opportunistic politics”, he further claimed that the ruling front had entered into a “secret understanding” with the BJP in a bid to retain power for a third consecutive term.
He said that when a government driven by power and arrogance attempts to align with anyone to stay in office, even its own cadre turns against it.
Referring to the results, Venugopal said that while the UDF expected rebel CPI(M) leaders, including K Kunhikrishnan in Payyannur, to impact the vote share, their victories came as a surprise.
Describing the UDF’s performance as a “historic victory”, he attributed it to coordinated teamwork, grassroots mobilisation, and the dedication of party workers, adding that the alliance accepted the mandate “with humility”.
Venugopal also credited Rahul Gandhi’s campaign guarantees, calling them a “trump card” that helped voters focus on real issues and reject what he described as the LDF’s “false narratives”.
He claimed that the Congress witnessed one of its lowest levels of rebellion in this election, which contributed to the alliance’s strong performance.
The senior Congress leader further alleged that the BJP managed to win two seats with the help of the CPI(M), and asserted that forces attempting to divide society on communal lines should “learn a lesson” from Kerala’s verdict.
“This is the real Kerala story,” he said.
On the question of the next Chief Minister, Venugopal said the party leadership would decide at the earliest after due consultations.
The counting of votes began on Monday morning for all 140 Assembly constituencies in Kerala, where the Congress-led UDF secured a decisive majority, defeating the CPI(M)-led LDF, which was seeking an unprecedented third consecutive term in office.
Congress MP Rahul Gandhi (@RahulGandhi) posts, "Thank you to my brothers and sisters in Keralam for a truly decisive mandate. Congratulations to every UDF leader and worker for a hard-fought, well-run campaign. As I said before, Keralam has the talent, Keralam has the potential… pic.twitter.com/6T4IZbEmp4
— Press Trust of India (@PTI_News) May 4, 2026
