Karachi stock exchange today: The Pakistan stock market rebounded from lows on Friday, May 9, after four days of bear hammering as the escalation in India-Pakistan spooked investors across the border.
At the time of writing this report, the Karachi Stock Exchange 100 or KSE-100 index was up 0.83% or 857 points at 103,531, according to data available on Bloomberg. In early trade, it rose as much as 2%.
On Thursday, the benchmark index lost over 6% of its value in intraday deals, sparking a temporary trading halt. In the last four trading sessions, the KSE 100 index lost 9.5% of its value. Meanwhile, since April 22, the day of the Pahalgam terror attack, the index has lost 12.5%.
Why did India-Pakistan tensions escalate?
The conflict between India and Pakistan has heightened after Indian military forces responded to a terror attack on its civilians in Pahalgam, Kashmir, which resulted in the death of 26 people.
As part of its response, India conducted military strikes against nine targets in Pakistan and Pakistan-occupied Kashmir early Wednesday that were “precise and restrained” and designed to be “non-escalatory in nature.”
India on Thursday night swiftly thwarted Pakistan’s fresh attempts to strike military sites with drones and missiles, including in Jammu and Pathankot, after foiling similar bids at 15 places in northern and western regions of the country, as tensions soared between the two countries amid fears of a wider conflict, according to a PTI report.
Meanwhile, amid escalating tensions, Pakistan’s Ministry of Economic Affairs has appealed to international partners for additional loans, citing heavy losses and a stock market crash.
“Govt of Pakistan appeals to International Partners for more loans after heavy losses inflicted by enemy. Amid escalating war and stocks crash, we urge international partners to help de-escalate,” it posted on X.
Indian stock market today
Meanwhile, back home, the Indian stock market witnessed some setback after remaining resilient over the past few sessions in the face of rising tensions with Pakistan.
As of 11.55 am, BSE Sensex was down 750 points or 0.94% at 75,580 levels. NSE’s Nifty 50 hovered at 24,041, down 230 points or 0.96%.
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