KARACHI – The Pakistan Stock Exchange (PSX) suffered massive losses on Thursday as tensions between Pakistan and India have heightened following the latest drone strikes.
The KSE-100 index plunged 6,948.72 points to drop to 103,060.30 points during intraday trading which has now been suspended to avoid further decline.
In two day, the stock market has suffered losses of nearly 12,000 points as the 100-index lost 3,559 points on Wednesday.
A day earlier, a total of 550,076,224 shares were traded during the day as compared to 420,552,852 shares the previous trading day, whereas the price of shares stood at Rs 30.121 billion against Rs 23.696 billion on the last trading day.
As many as 447 companies transacted their shares in the stock market, 49 of them recorded gains and 356 sustained losses, whereas the share price of 42 companies remained unchanged.
India Drones Shot Down
Earlier in the day, DG ISPR Lt Gen Ahmed Sharif Chaudhry said four personnel of the Pakistan Army were injured in an Indian drone strike at a military target in Lahore.
Addressing a media briefing, he said the security forces have neutralised 12 Indian drones at different locations in Lahore, Gujranwala, Attock, Gujrat, Chakwal, Rawalpindi and areas near Karachi.
He said however a drone managed to partially engage a military target in Lahore, leaving four army officials injured. He said a civilian was martyred in Miano area of Sindh.
Lt Gen Ahmed Sharif said the India made the infiltration attempt by violating the airspace for another time on night between May 7 and 8, adding that Pakistani forces are responding to such attempts in effective manners.
He said India suffered massive damages at the Line of Control (LoC), saying the security forces are fully alert.
The DG ISPR said India has committed acts of aggression by sending drones, and has targeted mosques and civilians.
He added, “As the situation progresses, I will continue to keep you informed regarding this matter.”
