Karachi stock exchange on Wednesday nosedived nearly 1500 points after Indian Air Force shot down Pakistan's F-16 jet. The Pakistani stock has fallen nearly 2000 points since yesterday.
Karachi stock exchange on Wednesday nosedived nearly 1500 points after Indian Air Force shot down Pakistan's F-16 jet. The Pakistani stock has fallen nearly 2000 points since yesterday.
However, the benchmark index of the Karachi Stock Exchange, the KSE 100, had recouped most of its losses by 4:30 PM IST but it was still down 129 points at 38,692.69, a spectacular recovery after crashing almost 1,500 points in the early part of today’s session.
Karachi Stock Exchange’s benchmark index KSE 100 made a low of 37,330.38 on Wednesday as against Tuesday's closing value of 38,821.67, falling as much as 3.85%. As of 12 pm (Pakistan time), the KSE 100 index was down 3.025% at 37,647.32, down by four per cent.
It should be noted that this has been the biggest fall since July 11, 2017. Last time the stocks in neighbouring country fell this low as after the Joint Investigation Team (JIT), constituted by the Pakistan Supreme Court to probe money laundering allegations against the Sharif family.
Read: Sensex falls 600 points over rise in tension between India and Pakistan
According to Dawn, Karachi Stock Market-100 index which opened weak with a loss of 184 points in the first half hour plummet 785.12 points to close at 38,821.67.
In addition to the non-military pre-emptive strikes by India, the following remarks by Pakistan Foreign Minister Shah Mehmood Qureshi had only created uncertainty and fear among the investors.
"The foreign minister's comment that Pakistan will respond to India's act of aggression at times and place of its choosing has put the market and investors in a state of uncertainty and fear, which might take some time to recede,” the website quoted an anonymous trader as saying.
Double-bind Pakistan, which first denied any attack on its soil by Indian Air Force and then vowed to give a response to India, hurled several meetings involving top military and government officials immediately after the attacks.
Today also, the Pakistan Prime Minister Imran Khan will hold a meeting with National Command Authority (NCA), a body that oversees Pakistan's nuclear arsenal.
Sending out a huge message, India on Tuesday carried out air strikes deep inside Pakistan, destroying a major camp of JeM and eliminating a “large number” of terrorists, including top commanders, of the terror group which attacked a CRPF convoy in Pulwama 12 days back.
Below we have listed recent updates amid escalated tensions between the two nations:
1. Sensex falls 600 points
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Equity markets on Wednesday erased gains after HDFC, HDFC Bank, Kotak Mahindra Bank and Infosys came under selling pressure. Sensex witnessed a nosedive to 636 points 636 points from intraday high levels and Nifty 50 index plunged 189 points from day's highest level. The fall came amid rise in tension between Indian and Pakistan.
At 12:32 PM, Sensex was down by 114.59 points to trade at 35,859.12.
2. Had to conduct air strikes in Pakistan, India at RIC meet
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India has said that it does not wish to see a further escalation of the current tensions with Islamabad and had to conduct air strikes on Pakistani territory since the country refused to act against terrorist camps in the country.
Speaking at Russia-India-China (RIC) meet in Wuzhen, External Affairs Minister Sushma Swaraj said, "Limited objective of pre-emptive strike was to act decisively against the terrorist infrastructure of JeM in order to pre-emptive another terror attack in India. India does not wish to see a further escalation of the situation. India will continue to act with responsibility and restraint."
3. Jaitley says if US can kill Laden then anything is possible
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A week is too long a time for any country. If you look at last 24 hours, one week would appear to be a day. The kind of things we see...I remember when the US Navy SEALs had taken Osama Bin Laden from Abbottabad (Pakistan), then can't we do the same?: Arun Jaitley
