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The kind of tension with India has been visible after the terrorist attack on 26 tourists in Pahalgam in Jammu and Kashmir, its direct impact is visible on Pakistan’s stock markets. The Pakistan Stock Exchange (PSX) on Wednesday saw a big decline of more than 2000 points in the midst of uncertainty over the possibility of an attack from India against Pakistan.
This statement of Information Minister Ataullah Tarar on Tuesday, a day earlier, further strengthened that apprehension when he said that Pakistan has strong information that India can take military action within the next 24 to 36 hours. Earlier, Prime Minister Narendra Modi held a meeting with the top people associated with defense and Pahalgam On the attack, he was given full exemption to target, time and attack.
Sahama stock market
The Karachi Stock Exchange 100 saw a decline of 1717.35 points, or 1.5 percent and traded at 113,154.83 on Wednesday morning. Whereas the day was closed at 114.872.18 a day earlier. Its index at 10.38 am saw a fall of 2,073.42 points i.e. 1.8 percent as compared to the previous days.
Director of Research Yusuf M. Farooq in Chase Securities said that these declines in Pakistan Stock Exchange are due to the news of the attack in the next few days. While Fatima Bucha of AKDi Securities said that the press briefing of the Information Minister has increased the concerns of the investors. He said that there is no doubt that there is a lot of pressure on the market at this time.
Pakistan Information Minister increased fear
All Karachi Tajir Ittehad Association President Atik Mir said that due to diplomatic and military tension, there are uncertainty in all commercial sectors. He said that everyone is worried about what will happen next, so market and shopping centers are also not able to do business as a preceding.
