Red Tide Hits PSX: Trading Halted as 'Operation Sindoor' Triggers Twin-Day KSE-30 Crash
India's action pressurizing the IMF to reconsider financing for Pakistan will also take a toll on the latter's economy, said economist and head, Macro Economic Insights, Sakib Sherani, as reported.
Red Tide Hits PSX: Trading Halted as 'Operation Sindoor' Triggers Twin-Day KSE-30 Crash
The market snapshot of Sarmaaya Financials further noted that at 12;34 PM Pakistan Standard Time (PST), the KSE30 was at 31,212.90, down 2,396.51 points (7.13%).
KSE30 closed at 33,609.41 points on Wednesday. The KSE30 has collectively lost almost 10 per cent value in 2 days, as India bombed terror camps at nine places across Pakistan early Wednesday morning in reaction to the Pahalgam terror attack.
The Sarmaaya Financials' data stated that on Thursday, the KSE100 witnesses a fall, tumbling 6.32 per cent or 6,948.73 points to conclude the day on 103,060.30, a bit higher than its intra-day low of 103,055.18 precisely, at 12:34 PM PST.
Pakistan's foreign bonds gained nearly 1 per cent on Wednesday after 'Operation Sindoor', Pakistan-based business daily the Business Recorder quoted data from Tradeweb as saying.
Pakistan's economy is extremely sensitive to conflict because it is dependent on external sources of finance, Business Recorder reported, quoting Hasnain Malik, managing director, emerging and frontier markets equity strategy, Tellimer, Dubai.
According to the report, Sakib Sherani, an economist and head, Macro Economic Insights, said that India's efforts pressuring of the IMF to halt financing Pakistan is to fundamentally hurt the economy of Pakistan.
The Indian government is engaged in talks with all multilateral development banks seek to cut off financial flows to Pakistan, an Indian Express reporter was informed by a senior government official on Friday, following the tragic terrorists attack against civilians in Pahalgam, Kashmir last week.
