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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Can't help economies of nations working against India: Dhankhar
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New Delhi (PTI): Vice President Jagdeep Dhankhar on Saturday said that people cannot help economies of nations, through import or travel, that are inimical to the interests of India.
His remarks came amid trade and tourism boycott of Turkiye and Azerbaijan following their support to Pakistan in the conflict with India after Operation Sindoor.
Addressing an event here, the vice president said every individual is empowered to help the nation in security. Trade, business, commerce, and industry in particular can play a pivotal role in security issues, he observed.
"Can we afford to empower countries that are inimical to our interests? Time has come when each one of us must deeply think about economic nationalism," he said.
Dhankhar said, "We can no longer afford, by travel or import, to improve economies of those countries because of our participation. And those countries, in times of crisis, are positioned against us."
He said everything has to be reckoned on the fulcrum of unflinching commitment to nationalism.
Turkiye has backed Pakistan and condemned India's strikes on terror camps in the neighbouring country and Pakistan-occupied Kashmir (PoK) under Operation Sindoor.
Pakistan also used Turkish drones on a large scale during the military conflict with India. Azerbaijan had also expressed support for Pakistan.
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