Islamabad (TDI): Bears took control of the trade floor as shares at the Pakistan Stock Exchange dropped by more than 3,000 points in intraday trade, a development that analysts attributed to investor anxiety over potential Indian military action against Pakistan.
The benchmark KSE-100 index plunged by 1,717.35 points, or 1.5%, to stand at 113,154.83 from the last close of 114,872.18 at 9:53am.
At 10:38am, the index dropped by 2,073.42 points, or 1.8%, from the last close.
By 1:50pm, more selling pressure ensued at the stock market as the KSE-100 index declined by 3,255.42 points, or 2.83%, from the last close.
Earlier in the day, Information Minister Attaullah Tarar said that “credible intelligence” reports indicated that India was planning to conduct a military action against Pakistan in the next 24 to 36 hours amid tensions between the two nations after the Pahalgam attack in Indian illegally Occupied Jammu and Kashmir (IIOJK) last week that New Delhi blamed on Islamabad, albeit without proof.
A day earlier, Indian Prime Minister Narendra Modi gave military “operational freedom” to respond to the deadly attack in Pahalgam last week.
Read More: PSX Plunges 1,000 Points Amid Pakistan-India Tensions
Speaking to the media hours after the development, Tarar said: “Islamabad has credible intelligence that New Delhi intends carrying out military action against Pakistan in the next 24-36 hours on the pretext of unfounded and concocted accusations of involvement in the Pahalgam incident.”
He said Pakistan strongly rejected “Indian self-assumed hubristic role of judge, jury and executioner in the region” which was completely irresponsible.
He said that Pakistan has been the victim of terrorism itself and truly understands the pain of this scourge. “We have always condemned terrorism in all its forms and manifestations anywhere in the world.”
Read More: Pakistan Plans Legal Action Over India’s Indus Waters Treaty Move
Being a responsible country, he said Pakistan “openheartedly offered a credible, transparent and independent probe” by a neutral commission of experts to ascertain the truth.
“Unfortunately, rather than pursuing the path of reason, India decided to tread the dangerous path of irrationality and confrontation, which will have devastating consequences for the whole region and beyond,” the minister stressed.
He said the “evasion of credible probe is in itself sufficient evidence exposing New Delhi’s real motives.”
