Pakistan's stock market tumbles as India-Pakistan tensions simmer
Islamabad, Apr 24 (PTI): Pakistan’s stock market on Thursday witnessed a sharp dip, with the benchmark KSE-100 index closing at 115,019.81, down by 2206.33 points from the last close, amid brewing tension between India and Pakistan after the Pahalgam terror attack.
Terrorists opened fire in Pahalgam in Jammu and Kashmir on Tuesday, killing 26 people, mostly tourists, in the deadliest attack in the Valley since the Pulwama strike in 2019. The Resistance Front (TRF), a proxy of the banned Pakistan-based Lashkar-e-Taiba (LeT), claimed responsibility for the attack.
India on Wednesday downgraded diplomatic ties with Pakistan and announced a raft of measures, including suspension of the Indus Water Treaty and immediate shutting down of the Attari land-transit post in view of the cross-border links to the terror attack.
In retaliation, Pakistan also suspended bilateral trade and accords, including the Simla Agreement, and airspaces with India, among other moves.
The Pakistan Stock Exchange (PSX) took the hit, and the KSE-100 index plunged by 2,485 points early in the session, dropping to 114,740 points.
As the day progressed, the market showed signs of slight recovery, narrowing the loss to 1196 points. By midday, the current index was at 116,030.02 points.
However, it nosedived again and finally closed at 115,019.81, down by 2,206.33 points, or 1.92 per cent.
The sharp dip comes after the market touched an all-time high, crossing the 120,000 mark earlier this year. Observers said the bearish trend is expected to dominate the market until there is a sign of improvement in the current political and security situation with India.
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Gujarat court sentences three to life imprisonment in cow slaughter case
Ahmedabad: A sessions court in Gujarat’s Amreli district recently sentenced three persons to life imprisonment for cow slaughter under provisions of the Gujarat Animal Preservation Act.
In the judgement, Sessions Judge Rizvana Bukhari held Kasim Solanki, Sattar Solanki and Akram Solanki guilty of cow slaughter, observing that the three men did it despite knowing that the animals were considered sacred in Hinduism, as reported by Deccan Herald.
The court also imposed a heavy fine of Rs 6 lakh on each of the accused.
The Gujarat Animal Preservation Act prohibits slaughter of any animal of cow progeny in the state.
The Bhupendra Patel-led Gujarat government hailed the verdict as "historic" and asserted that the government was committed to protect the cow which is the "center of Indian culture and faith and the state government will have no mercy" for such crimes.
During the proceedings, Special Public Prosecutor Chandresh Mehta said that this was the first time that three persons had been convicted and sentenced to life imprisonment in a single case of cow slaughter in Gujarat by a court.
