Pakistan's stock market crashes 6,300 points after India's 'Operation Sindoor'
What's the story
The Karachi Stock Exchange (KSE-100) has taken a massive hit, plummeting over 5.5%. The fall comes after India's military operation, 'Operation Sindoor,' which targeted terrorist infrastructure in Pakistan and Pakistan-occupied Jammu and Kashmir (PoK). The operation was launched in retaliation to the deadly attack in Pahalgam on April 22 which claimed lives of 26 innocent civilians.
Market impact
KSE-100 index experiences significant drop
The KSE-100 index plunged by 6,272 points or 5.5%, to hit 107,296 during early hours of trading. Since April 23, the index has lost a total of 9,930 points. Unlike this crash in Pakistan's equity markets, Indian indices remained resilient. After an initial fall on Wednesday morning, benchmark indices bounced back and entered the green later in the day.
Military operation
India's 'Operation Sindoor' targets terrorist infrastructure
India's Ministry of Defence disclosed that nine terror-related targets in Pakistan and PoK were hit with precision munitions. Important locations included Bahawalpur, Muridke, and Sialkot. The operation was carried out with coordinated efforts from the Army, Navy and Air Force. "Our actions have been focused, measured and non-escalatory in nature," the ministry said. "No Pakistani military facilities have been targeted."