Bears took control of the trade floor when the actions in the Pakistan Stock Exchange (PSX) fell for more than 3,000 points in intraayos trade, a development that analysts attributed anxiety for investors on the possible Indian military action against the country.
The KSE-100 reference index decreased by 1,717.35 points, or 1.5 percent, to stand at 113,154.83 since the last closure of 114,872.18 at 9:53 am.
At 10:38 am, the index decreased by 2,073.42 points, or 1.8pc, from the last closure.
At 1:50 pm, there was more sale pressure in the stock market as the KSE-100 index fell into 3,255.42 points, or 2.83pc, since the last closure.
Mohammed Sohail, executive director of Topine Securities, attributed the decline to “news of probable attack in the next few days.”
Awais Ashraf, research director of AKD Securities, said: “Investors are concerned about the possible Indian military action against Pakistan, concerns that have intensified after the information session of the press of the Minister of Information.”
Yousuf M. Farooq, research director of Chase Securities, echoed the same feelings.
He said the market was under pressure after the “Information Minister’s statement last night, suggesting that India can take military measures within the next 24–36 hours.”
“The short-term market will probably follow the news flows of Pakistan-India tensions,” he added.
Sana Tawfik, Arifib Limited research head, also proved the fall mainly from geopolitical tensions between India and Pakistan.
Early in the day, the Minister of Information, Attaullah Tarar, said that the reports of “credible intelligence” indicated that India was planning to carry out a military action against Pakistan in the next 24 to 36 hours amid tensions between the two countries after Pahalgam’s attack in the Kashmir occupied last week that New Delhi blamed Islamabad, Albeit without proof.
On Tuesday, India gave her military “operational freedom” to respond to Pahalgam’s attack.
In statements to the media hours after development, Tarar said: “Pakistan has a credible intelligence that India intends to carry out military actions against Pakistan in the next 24-36 hours under the pretext of the accusations of participation of basic and invented in the incident of the Pahalgama.”
He said that Pakistan vehemently rejected “the arrogant Indian role of judge, jury and executioner in the region”, added that it was completely “reckless.”
Yesterday, the KSE-100 index had recovered on the negotiation floor after the International Monetary Fund (IMF) confirmed that the Executive Board of the Fund will meet on May 9 to discuss the country’s personnel level agreement for a new agreement of $ 1.3 billion under a program of climate resilience loans, together with the first review of the $ 7BN rescue program of $ 7bn of $ 7bn of $ 7bn of Pakistan.
Pakistan dollar bonds falls in the midst of growing tensions
Pakistan’s international bonds fell more than 1 penny after the declaration of the Minister of Information.
The 2036 bonus suffered the greatest decrease, falling 1.3 cents that will be offered to 71.85 cents in dollar, according to Tradeweb data, although the differential of offer of around 1 cent they pointed to a limited liquidity.
Indian Flat Actions such as HDFC Bank offsets Bajaj Finance Losses, Jitters de Pakistan
Meanwhile, the Indian actions were silenced since the profits at the HDFC heavyweight bank helped to compensate for the pressure of the tensions with Pakistan, while Bajaj Finance decreased despite publishing an increase in the gain of the fourth quarter.
The Nifty 50 dropped 0.05pc to 24,324 and the BSE Sensex lost 0.07pc to 80,236.6 at 10:43 am.
Both reference points increased between 0.2pc profits and 0.2pc losses in early trade.
“For now, geopolitical tensions (with Pakistan) have overcome tariffs (USA) in the minds of investors,” said Anita Gandhi, founder and head of institutional business in Arihant Capital Markets.
Indian Prime Minister Narendra Modi gave military leaders freedom to respond to the attack last week in Pahalgam, Reuters reported on Tuesday.
The ingenious volatility rate has increased by five of the six sessions from the attack.
Six of the 13 main sectors decreased on Wednesday, while the small and mid -layers fell 0.6pc and 0.1pc, respectively.
The non -banking lender Bajaj Finance fell 5.4pc, which led to the losses in the NIFTY, despite publishing a higher quarterly gain, since the stockbrokers obtained weak profits prior to the provision and higher credit costs as negative.
Additional information from Reuters.
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