Pakistan Stock Exchange tanks over 2,000 points after India's strong response to Pahalgam terror attack
Pakistan Stock Exchange's (PSX) benchmark KSE-100 index tanked 2,111 points, or 1.80 per cent at 1,15,115 on Thursday, a day after India's strong diplomatic and strategic response on the terror attack in Jammu and Kashmir's Pahalgam area.
On a weekly basis, the KSE-100 was down 1.31 per cent, according to Trading Economics data.
The KSE-100 lost 1,204 points on Wednesday owing to a shift in investors' stance towards caution amid geopolitical tensions, according to a note by Pakistan-based brokerage Topline Securities' sales desk.
To be sure, a key factor behind the decline on Wednesday was the IMF's announcement of a revised GDP forecast for Pakistan, The News Pakistan reported citing Ahsan Mehanti, analyst at Pakistan-based brokerage firm Arif Habib.
JS Global analyst Muhammad Hasan Ather however stated that a potential easing on the monetary policy by Pakistan's central bank may provide support to key indices, The News Pakistan reported.
A poll by Topline Securities showed 69 per cent of respondents expected a rate cut by the State Bank of Pakistan in its next monetary policy meeting scheduled on May 5, 2025.
In its previous meeting, SBP's monetary policy committee decided to maintain the policy rate at 12 per cent.
The International Monetary Fund on Tuesday revised its growth outlook for Pakistan to 2.6 per cent in April from 3 per cent in January. The Bretton Woods institution projected Pakistan's inflation rate at 5.1 per cent for FY25 and 7.7 per cent in FY26.
Steps taken by India after Pahalgam attack
India's Cabinet Committee on Security, chaired by Prime Minister Narendra Modi took several important decisions in response to the Pahalgam terror attack in which 26 people were killed.
Foreign Secretary Vikram Misri announced that Pakistan nationals will be bared from travelling to India using SAARC Exemption Scheme visas. India declared defence advisors posted in the Pakistan High Commission to be persona non grata, giving them a week's notice to leave the country. India has also decided to withdraw defence advisors posted in the Indian embassy in Islamabad.
In a move that is expected to direct a blow to Pakistan's agriculture sector, India also decided to keep the Indus Water Treaty in abeyance.
In a trade-related move, India has closed the integrated check post at Attari-Wagah border near Amritsar, Punjab. On Thursday, India revoked all visas issued, including medical visas, issued to Pakistani nationals.
How KSE-100 responded to Uri, Pulwama terror attacks and Balakot air strike
The Pulwama terror attack on a CRPF convoy in Jammu and Kashmir on February 2019, in which 40 jawans were killed, saw the KSE-100 decline 0.09 per cent at 40,506.98 on February 14, 2019.
In the subsequent fortnight, Pakistan's benchmark index lost nearly 1,500 points, closing at 39,054.60 on February 28, 2019. More importantly, the KSE-100 tanked nearly 2 per cent on February 26, 2019, the date of the Balakot air strike by the Indian Air Force on Jaish-e-Mohammed terror camps in Pakistan. While the index was up 0.94 per cent on that date, it was down 1,452.38 during this period, according to historical data accessed via investing.com.
In 2016, the KSE-100 was closed on the date of the attack on the Indian Army camp in Uri, Jammu and Kashmir. While the benchmark index climbed 0.13 per cent to 40,414.72 on September 19, 2016, it plunged nearly 1.60 per cent in two days to close at 39,771.42 on September 21, 2016. On September 29, 2016, the KSE-100 slipped 0.15 per cent to 40,295.52, after India announced that it had conducted a surgical strike in Pakistan-occupied Kashmir. India's Director General Military Operations in a statement dated September 29, 2016 stated 'the Indian Army conducted surgical strikes at several… launch pads to pre-empt infiltration by terrorists.'
'During these counter terrorist operations significant casualties were caused to terrorists and those providing support to them,' he added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
an hour ago
- Indian Express
Neighbourhood policy at work: India to fly home Nepal, Sri Lanka citizens from Iran
In a major diplomatic outreach to its neighbours, India said Saturday it will evacuate nationals of Nepal and Sri Lanka who are stranded in Iran and want to leave the country. Officials in Delhi framed it as an example of India's 'neighbourhood first policy' — of helping its neighbours in times of crisis, be it conflict, natural calamity or pandemic. This announcement came on the day two more flights, operated by the Iranian Mahan Air, landed in Delhi. The Indian embassy in Tehran, in a post on X, said, 'On request of the Governments of Nepal and Sri Lanka, the Indian Embassy's evacuation efforts in Iran will also cover citizens of Nepal and Sri Lanka.' 'The citizens of Nepal and Sri Lanka may urgently reach out to the Embassy, either on the Telegram channel or over the emergency contact numbers: +989010144557;+989128109115; +989128109109,' it stated. Nepal's Foreign Minister Arzu Rana Deuba expressed Kathmandu's gratitude. In a post on X, she thanked External Affairs Minister S Jaishankar 'for India's swift assistance in helping to evacuate Nepali nationals from Iran'. 'India's support in Nepal's evacuation efforts is a reflection of the strength of Nepal-India ties,' she said. Sources said about 16 Nepal nationals are in touch with the Nepalese embassy in Delhi. Sri Lanka's Ministry of Foreign Affairs, in a post, said, 'Sri Lanka extends its sincere gratitude to the Government of India for the timely assistance to evacuate Sri Lankan nationals from Iran alongside Indian citizens. This act of solidarity exemplifies the strong and enduring partnership between Sri Lanka and India, and is deeply appreciated by the people of Sri Lanka.' So far, a total of 827 Indians have been evacuated from Iran. 'Another evacuation flight from Mashhad landed in New Delhi at 1630 hrs on 21 June with 310 Indian nationals from Iran. With this, a total of 827 Indians have been evacuated,' Randhir Jaiswal, spokesperson for the Ministry of External Affairs, said. A group of about 290 Indian nationals, including students, reached Delhi late Friday night and early Saturday after being evacuated from Iran as its war with Israel intensified. On Wednesday, India announced the launch of Operation Sindhu to evacuate its nationals from Iran. 'Operation Sindhu flight brings citizens home. India evacuated 290 Indian nationals from Iran, including students and religious pilgrims by a charter flight. The flight arrived in New Delhi at 2330 hrs on 20 June and was received by Secretary (CPV& OIA) Arun Chatterjee,' Jaiswal wrote on X. 'Government of India is grateful to the Government of Iran for the facilitation of the evacuation process,' he said. The first batch of 110 Indian nationals, evacuated under Operation Sindhu, arrived in India Thursday, with many evacuees sharing firsthand accounts of the frightening situation they witnessed before being moved to safer locations. This is not the first time that Delhi has stepped in to evacuate citizens of its neighbours. In the early days of the Ukraine war, India evacuated nationals of neighbouring countries along with its own. Delhi managed to persuade Tehran to open Iranian airspace for the evacuation of around 1,000 Indians via the north-eastern town of Mashhad. Sources said Delhi, after days of negotiations, moved its nationals to Mashhad and secured overflight permissions from Iran and Turkmenistan to fly Indians out of harm's way. Mashhad is close to Iran's border with Turkmenistan, and India found an air corridor for a safe flight out. Indians were moved from Tehran to Qom and then to Mashhad, with the help of the Indian embassy and Iranian authorities. India's ties with Iran and Israel puts it in a delicate spot, where it has to do some diplomatic balancing act. Delhi has strategic stakes with Iran – from Chabahar port to shared concerns on Pakistan and Afghanistan. So, it has been very careful in its statements. It has a very strategic security and defence partnership with Israel as well. Shubhajit Roy, Diplomatic Editor at The Indian Express, has been a journalist for more than 25 years now. Roy joined The Indian Express in October 2003 and has been reporting on foreign affairs for more than 17 years now. Based in Delhi, he has also led the National government and political bureau at The Indian Express in Delhi — a team of reporters who cover the national government and politics for the newspaper. He has got the Ramnath Goenka Journalism award for Excellence in Journalism '2016. He got this award for his coverage of the Holey Bakery attack in Dhaka and its aftermath. He also got the IIMCAA Award for the Journalist of the Year, 2022, (Jury's special mention) for his coverage of the fall of Kabul in August 2021 — he was one of the few Indian journalists in Kabul and the only mainstream newspaper to have covered the Taliban's capture of power in mid-August, 2021. ... Read More
India Gazette
an hour ago
- India Gazette
Another flight brings back 290 Indians from Iran under Op Sindhu, total evacuated reaches 1,117
New Delhi [India], June 22 (ANI): Another special flight carrying 290 Indians stranded in conflict-hit Iran landed safely in New Delhi on Saturday night, bringing the total number of people evacuated under Operation Sindhu to 1,117. This marks the fifth batch of Indians evacuated from Iran as part of the ongoing operation. In a post on X, the Ministry of External Affairs (MEA) stated, 'Operation Sindhu gains momentum. 290 Indian nationals have returned home safely from Iran on a special flight from Mashhad that landed in New Delhi at 2330 hrs on 21 June 2025.' 'With this, 1,117 Indian nationals have been evacuated from Iran,' the MEA added. The evacuees, including students, shared their experiences of the tense situation in Iran and expressed deep gratitude to the Indian government and embassy officials. An Indian national from Bihar's Siwan, studying medicine at Tehran University of Medical Sciences, said, 'I am from Siwan, Bihar. I have been in Iran for the last 2 years. I study medicine at Tehran University of Medical Sciences. The situation in Tehran is critical. Other places are normal. I am thankful to the government (for the evacuation).' Another evacuee, Naveed, a second-year MBBS student, added, 'I am from Kashmir. I am a 2nd-year MBBS student. I feel very good now. I am thankful to India. They evacuated us.' Describing the fear they faced, one evacuee said, 'I feel very good. There were missiles firing. We were feeling very afraid there. We were stuck there for 1 week.' Momin Ushtaq from Kashmir praised the government's efforts, saying, 'I am from Kashmir. The situation is not good there. We are very thankful to the government of India, Kashmir, and the Embassy. They deserve a special thanks, as they evacuated us and brought us back home.' Gratitude was also directed Prime Minister Narendra Modi. Parveen, another evacuee, said, 'I am very happy. I am thankful to PM Modi from the bottom of my heart. Our government helped us to get back here.' Indira Kumari added, 'We have returned. I am thankful to the Indian government and the Prime Minister of India.' Earlier on Saturday, a special flight from Mashhad carrying 310 Indian nationals landed in New Delhi at 4:30 PM. Meanwhile, Israeli airstrikes targeted a significant nuclear facility in Iran's Isfahan province, as reported by Al Jazeera. As per Al Jazeera, citing an Israeli military spokesperson, the air force struck the main complex as well as buildings involved in centrifuge production. The International Atomic Energy Agency (IAEA) confirmed that a centrifuge manufacturing workshop was hit but clarified that no nuclear material was present at the site, so there were no radiological impacts. (ANI)
India Gazette
an hour ago
- India Gazette
Pujara, Yuvraj celebrate International Yoga Day
New Delhi [India], June 21 (ANI): Indian cricket icons Yuvraj Singh and Cheteshwar Pujara took to social media, celebrating and extending wishes of International Yoga Day. Pujara shared a picture on X, doing yoga in front of a beaming sun and captioned the post, 'Take a moment to honour the journey within! #internationalyogaday.' The World Cup-winning all-rounder Yuvraj also posted an Instagram story of himself doing yoga, saying, 'Some days are meant to remind us to pause, to stretch beyond the routine and reconnect with breath, balance and stillness. Today is a great day to make this a practice.' Earlier, Prime Minister Narendra Modi on Saturday took part in the 11th International Day of Yoga celebrations, where he hailed yoga as a gift 'beyond age' that transcends all boundaries and unites humanity in 'health and harmony.' The event took place against the scenic backdrop of the Visakhapatnam coastline, with Indian Navy ships stationed near the shore, adding to the grandeur of the celebrations. The Prime Minister praised the efforts of the Andhra Pradesh government and extended his appreciation to Chief Minister N Chandrababu Naidu and Jana Sena Party chief Pawan Kalyan for hosting the event in Visakhapatnam. He lauded their leadership as 'inspiring' and described the state's initiative to promote yoga as 'commendable. 'Yoga is for everyone beyond boundaries, beyond backgrounds, beyond age or physical ability. It is a universal gift that unites humanity in health, harmony, and consciousness. Friends, I am truly delighted that we are gathered here in Visakhapatnam, a city that beautifully blends nature with progress. I extend my heartfelt congratulations to Chandrababu Naidu Garu and Pawan Kalyan for hosting such a wonderful event under your inspiring leadership. It is commendable that the state of Andhra Pradesh has taken this meaningful initiative to promote yoga,' said PM Modi while addressing the gathering. Over three lakh individuals joined him for a mass yoga session in the coastal city, reinforcing this year's message that 'yoga belongs to everyone' and brings the world together. The Prime Minister recalled India's initiative at the United Nations in 2014 to declare June 21 as International Yoga Day, a move that received wide global support in record time. 'I remember when India proposed to the United Nations that June 21st be celebrated as International Yoga Day. Remarkably, in a very short span of time, 175 countries came forward to support this initiative. Such unity and overwhelming global support was truly extraordinary. This was not just about agreeing to a proposal, it was a collective step taken for the betterment of humanity. It reflected a shared vision for a healthier, more conscious world. Today, in 2025, we can proudly see that yoga has become an integral part of many people's lives across the globe,' the Prime Minister said. (ANI)
