Clash with India wrecks Pakistan's stock market, Karachi Stock Exchange crashes 1,500 points
BusinessToday.In February 27, 2019
The Pakistani stock market tanked in trade today amid reports that Pakistan Air Force's F-16 that violated Indian air space was shot down in Indian retaliatory fire 3 km within Pakistan territory in Lam valley, Nowshera sector. The Karachi Stock Exchange (KSE) 100 crashed 1,491 points to 37,330 level today compared to its previous close of 38,821. The Pakistani index has lost 2,066 points in two sessions after India conducted airstrikes in Pakistan and demolished terrorist camps across the border early morning on Tuesday. The KSE 100 has lost nearly 11% during the last one year and 1.24% since the beginning of this year.
Later, the Pakistani index recovered 1,400 points to trade at 38,735 level.
Earlier in the day, Pakistan and Indian airforce were engaged in air conflict across the line of control. Pakistan Air Force claimed it has shot down two Indian aircraft inside the Pakistani airspace. The PAF also claimed to have arrested two pilots. It has not come out with any statement to authenticate the claim so far. Meanwhile, the Sensex closed 68 points lower at 35,905 and the Niftylost 28 points to end at 10,806 in volatile trade.
On Tuesday, the Sensex closed 239.67 points, or 0.66 per cent, lower at 35,973.71, and the NSE Nifty ended at 10,835.30, down by 44.80 points or by 0.41 per cent after news poured in that India conducted airstrikes on terrorist camps in Pakistan.
Edited by Aseem Thapliyal