Pakistan stocks shed 128 points as bearish trend continues amid war fears
February 27, 2019
KARACHI: Pakistan stocks continued to dip on Wednesday amid panic selling in the market, as border tensions escalated following Pakistan's retaliatory action to intrusion by Indian aircraft into the Pakistani airspace a day ago.
The benchmark KSE-100 index shed a further 128 points at the close of trading, registering a decline of 0.33 percent as panic prevailed on the trade floor earlier in the day.
During the day's trading shortly before noon, the index had dropped to 37,330 points, down by more than 500 points before it recovered back up to close at 37,714.07 points.
The index had lost 785 points to close at 38,821 on Tuesday.
According to market watchers, Tuesday's dip was the largest decrease in the last 55 trading days and the first time in 32 sessions that the index had dropped below 39,000 points.
Topline Securities, a brokerage house, in a report said the market fell amid concerns of increased tensions between India and Pakistan.
The incursion by Indian fighter jets into Pakistani air space on Tuesday followed a series of threats by Indian political and military leadership after the attack on an Indian Army convoy at Pulwama by a local youth, in reaction to the oppression unleashed by the occupational forces.
Pakistan Air Force, in retaliatory action, shot down two Indian aircraft within the Pakistani airspace on Wednesday and arrested an Indian pilot.
