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New Delhi: The Pakistan Stock Exchange (PSX) has been reeling since the horrific terror attack on April 22 in Jammu and Kashmir's Pahalgam, with investors fearing potential military action by India in retaliation for the deaths of 26 innocent lives. PSX plunged over 1,700 points as experts attributed this sharp decline to the heightened tensions between the two countries. The benchmark KSE-100 index decreased by 1,717.35 points, or 1.5 per cent, to stand at 113,154.83 from the last close of 114,872.18 at 9:53 am, the Dawn report said.
In Pakistan, several experts and even their leaders have claimed that India may take military action within the next 24–36 hours. The report also cited that the freefall of the market has to be mainly attributed to “news of likely attack in next few days”.
"Investors are worried about potential Indian military action against Pakistan, concerns that have intensified following the information minister’s press briefing,” the report in a Pakistani daily cited Awais Ashraf, director of research at AKD Securities.
Earlier in the day, Pakistan's Information Minister Attaullah Tarar claimed that "credible intelligence suggested India could launch a military strike within the next 24 to 36 hours."
"Pakistan has credible intelligence that India intends to carry out military action against Pakistan in the next 24-36 hours on the pretext of baseless and concocted allegations of involvement in the Pahalgam incident. Indian self assumed hubristic role of Judge, Jury and Executioner in the region is reckless and vehemently rejected. Pakistan has been the victim of terrorism itself and truly understands the pain of this scourge. We have always condemned it in all its forms and manifestations anywhere in the world," the Pakistan Minister said in the video address.
On Monday, the KSE-100 index closed at 114,063.90, a decline of 1,405.45 points, or 1.22%. India’s assertive actions — such as suspending the SAARC Visa Exemption Scheme, expelling Pakistani military attachés, downsizing diplomatic missions, and shutting the Attari border — sent shockwaves through Pakistani financial markets. Two days after April 22 attack, the Karachi Stock Exchange’s KSE-100 index nosedived over 2% shortly after opening, plunging more than 2,500 points before a partial recovery, ultimately closing in the red for the day.
