Pakistan Stock Exchange Crashes 2500 pts Amid Heightened Geopolitical Tensions
The Pakistan Stock Exchange (PSX) went offline on Friday, April 25, displaying the message, “We’ll be back soon.” This comes after the benchmark index fell by 2,500 points during the two consecutive sessions.
Pakistan Stock Exchange Crashes 2500 pts Amid Heightened Geopolitical Tensions
The Pakistan Stock Exchange (PSX) went offline on Friday, April 25, displaying the message, “We’ll be back soon.” This comes after the benchmark index fell by 2,500 points during the two consecutive sessions amid alarming geopolitical tensions between India and Pakistan, aggravated by the Pahalgam terrorist attack.
Indicating that it was under maintenance the PSX website displayed a message stating “we’ll be back soon.”
The KSE-100 index fell by 2.12% or 2,485.85 points, to 114,740.29 within just five minutes of trading on Thursday, April 24. On April 24, the PSX ended in red after the International Monetary Fund (IMF) cut Pakistan’s GDP growth forecast to 2.6% for the current fiscal year.
Investor’s confidence also went for a toss when Fitch Ratings raised concerns over Pakistan's weakening currency, ongoing political uncertainty, and growing security risks, particularly in Kashmir.
Meanwhile, India’s Ministry of External Affairs took a harsh stance in response to the recent attacks, which included suspension of the Indus Waters Treaty, revocation of visa exemptions for Pakistani nationals and closure of trade Wagah-Attari border with immediate effect.
