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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Beauty of democracy: Tharoor congratulates BJP on civic body poll win in his constituency
New Delhi (PTI): Congress leader Shashi Tharoor on Saturday, while lauding the win of the UDF in Kerala local bodies elections, also congratulated the BJP for its historic performance in his Thiruvananthapuram constituency, calling it the "beauty of democracy".
In a post on X, he said the people's verdict must be respected, whether for the UDF overall or for the BJP in his constituency.
"What a day of amazing results in the Kerala local self-government elections! The mandate is clear, and the democratic spirit of the state shines through.
"A huge congratulations to @UDFKerala for a truly impressive win across various local bodies! This is a massive endorsement and a powerful signal ahead of the state legislative elections. Hard work, a strong message and anti-incumbency have all clearly paid off to achieve a much better result than in 2020," Tharoor said.
He said he also acknowledges the historic performance of the BJP in Thiruvananthapuram, and "offer humble congratulations on their significant victory in the city corporation - a strong showing that marks a notable shift in the capital's political landscape."
Tharoor said he campaigned for a change from 45 years of the LDF "misrule", but the voters have ultimately rewarded another party that also sought a clear change in governance.
"That is the beauty of democracy. The people's verdict must be respected, whether for the UDF overall or for the BJP in my constituency.
"We will continue to work for the betterment of Kerala, advocating for the people's needs and upholding the principles of good governance. Onwards and upwards!" Tharoor, who is the MP from Thiruvananthapuram, said.
The lotus bloomed in the state capital as the BJP-led NDA achieved a resounding win in the polls for the Thiruvananthapuram Corporation, snatching it from the CPI(M)-led LDF and marking an end to 45 years of continuous Left rule in the local body.
The win in the Thiruvananthapuram Corporation will act as a boost for the BJP in the 2026 Assembly polls, especially in the state capital.
Of the 101 wards in the Thiruvananthapuram Corporation, the BJP won 50, LDF 29, UDF 19 and two wards were won by independent candidates.
The BJP is one seat short of a decisive majority in the corporation.
Besides this, the NDA retained the Palakkad municipality after a close battle with the Congress-led UDF and wrested the Thrippunithura Municipality from the grand old party.
In Thrissur, from where Suresh Gopi won in the Lok Sabha polls last year, the BJP won 18 out of the 46 wards in Kodungallur Municipality, eight in Thrissur Corporation, two each in Guruvayoor and Vadakkancherry municipalities, seven in Kunnamkulam Municipality, six in Irinjalakuda Municipality and one in Chalakudy Municipality.
