Pakistan Stock Exchange, PSX, Karachi Stock Exchange: This is the second-largest intraday tumble (points-wise), second to the 8,700 points loss that happened in the US last month after President Donald Trump’s trade tariff announcements.
Islamabad: Pakistan Stock Exchange, PSX: Pakistan’s benchmark Karachi Stock Exchange crashed on Wednesday after India carried out ‘Operation Sindoor’ and targeted terror establishment in Pakistan and Pakistan-occupied Kashmir (PoK) on Wednesday. As a result, Pakistan’s KSE-100 index fell over 5 per cent.
The Pakistan Stock Exchange (PSX) lost 6,500 points on Wednesday as panic gripped investors. In intra-day trade, the benchmark KSE-100 index decreased by 6,560.82 points, or 5.78 per cent, to stand at 107,007.68 from the last close of 113,568.50 in the opening trade today.
Due to the massive dip, the market was immediately suspended briefly. This is the second-largest intraday tumble (points-wise), second to the 8,700 points loss that happened in the US last month after President Donald Trump’s trade tariff announcements.
Fatima Bucha of AKD Securities said the market showed signs of recovery after 11 am, reaching 112,457.37 points, before declining to 111,171.92 points at 12 pm.
“This was expected in the market for days because of the fears about military strikes by India,” she said.
“The market opened under pressure this morning and some selling has been observed, though volumes remain low as investors assess the evolving situation,” she said.
Other financial analysts also put down the dip in the market to the escalation in hostilities in the region.
One analyst, Shahbaz Ashraf, chief investment officer at Frim Ventures, said investors are cautiously hopeful that the conflict will remain short-lived with likely mediation from global powers.
Meanwhile, Indian benchmark indices were in the green at the time of writing the report. The BSE Sensex was trading above 80,660 as against the previous close of 80,641.07. Similarly, the NSE Nifty 50 was trading close to 24,400.
India has targeted terror infrastructure in Pakistan and Pakistan-occupied Kashmir under ‘Operation Sindoor’ in a strong response to the terrorist attack on April 22 in Pahalgam. Terror organisation The Resistance Front had claimed responsibility for the attack.
With PTI inputs
