Amid rising geopolitical tensions, stock market in Pakistan took a beating Wednesday, extending losses after the Indian Air Force carried out an air strike on terror camps in Pakistan on Tuesday. After falling 785 points to close yesterday, KSE100 further plunged by 1,490 points to intra-day low of 37,330.38 in trade on Wednesday, after Indian Air Force shot down Pakistan’s F-16 jet, which reportedly violated Indian air space, in retaliatory fire.
The benchmark index has plunged by more than 2,000 points since yesterday, or more than 3.5%. KSE100 is currently trading 1.75% lower at 38,196.39. This fall has been the biggest fall since July 11, 2017, when the index fell 4.65 percent after the Joint Investigation Team (JIT), constituted by the Pakistan Supreme Court to probe money laundering allegations against the Sharif family, reported that the prime minister and his children had accumulated wealth beyond their known sources of income, CNBC TV18 reported.
Pakistani fighter jets violated Indian air space in Nowshera sector of Jammu and Kashmir’s Rajouri district but were pushed back by Indian aircraft, news agency PTI quoted a top official as saying. Pakistani jets also dropped bombs when forced back by IAF jets, PTI added. “The jets entered into Indian air space over Nowshera sector this morning,” the official said. They were immediately pushed back by Indian jets on air patrol.
Pakistan’s airspace violation comes after 1,000 kgs bombs were reportedly dropped on terror camps across the Line of Control (LoC). Various media reports citing sources have said that at around 0330 hours on the 26th February, the Mirage 2000 fighter jets struck a major terrorist camp across the LoC and completely destroyed it.