Shares at PSX plunge 2,200 points as India-Pakistan tensions simmer

Bearish sentiment continued on the trade floor at the Pakistan Stock Exchange on Thursday with shares plunging more than 2,000 points, a day after India announced a slew of diplomatic measures targeting Pakistan following a deadly attack in occupied Kashmir that resulted in the deaths of over two dozen tourists. The benchmark KSE-100 index declined by 1,086.51, or 0.93 per cent, to stand at 116,139.63 from the previous close at 11:13am. At 2:56pm, the index plunged 2,116.92, or 1.81pc, to stand at 115,109.22. Finally, the index closed at 115,019.81, down by 2206.33 points or 1.88pc, from the last close. Yousuf M. Farooq, director research at Chase Securities, said, “The market opened lower amid fears of escalating tensions between Pakistan and India. “However, positive corporate earnings have supported a partial recovery,” he noted. “Going forward, investor sentiment will hinge on the trajectory of India-Pakistan relations, upcoming corporate results, and the monetary policy decision expected in early May.”