PSX suffers massive decline as geopolitical tensions persist
Business
Benchmark KSE-100 Index dropped by more than 4,000 points at one point on Wednesday
KARACHI (Dunya News) – A sharp downward trend was observed at the start of trading in the Pakistan Stock Exchange (PSX) on Wednesday as selling pressure was all the rage due to geopolitical tensions between India and Pakistan.
On the third business day of the week, the stock market opened in negative territory. At one point the benchmark KSE-100 index dropped by more than 4,000 points to 110,631.
Later, it slightly recovered and eventrually closed at 111,326 after losing 3,545 points.
Read more: PSX recovers after battering amid air of uncertainty
It is worth noting that at the close of the previous trading day, the KSE-100 index had risen by over 808 points, closing at 114,872 points.
Meanwhile, in the interbank market, the US dollar depreciated by Rs.0.12, falling from Rs281.02 to Rs280.90 in trading.
On the other hand, a late-night warning issued by Information Minister Attaullah Tarar of a likely military strike by India on Pakistan in the next 24 to 36 hours also sent shockwaves, resulting in increased selling in the PSX.
“Pakistan has credible intelligence that India intends to launch a military strike within the next 24 to 36 hours using the Pahalgam incident as a false pretext,” the minister said at a press conference as well as in a post on X (formerly Twitter).
