PSX tumbles on Pakistan-Iran tensions

KARACHI: Pakistan stock market on Thursday nosedived by as much as around 1,000 points as tensions escalated between Pakistan and Iran following airstrikes.

According to the PSX data, the KSE-100 index lost around 1038 points at 10:08 am. At 10:31am, the index lost 770.12 points cumulatively to reach 62,797.21, down 1.21 per cent from the previous close of 63,567.33.

Muhammad Sohail, chief executive officer of Karachi-based brokerage firm Topline Securities, attributed the drop to panic among investors over the cross-border strikes.

In a statement today, the Foreign Office said on Thursday Pakistan struck terrorist hideouts inside the Iranian border a day after Tehran violated the country’s airspace and launched strikes in Balochistan.

“This morning Pakistan undertook a series of highly coordinated and specifically targeted precision military strikes against terrorist hideouts in Siestan-o-Baluchistan province of Iran. A number of terrorists were killed during the Intelligence-based operation – codenamed ‘Marg Bar Sarmachar’, the Ministry of Foreign Affairs said in a statement on Thursday.

“Over the last several years, in our engagements with Iran, Pakistan has consistently shared its serious concerns about the safe havens and sanctuaries enjoyed by Pakistani origin terrorists calling themselves Sarmachars on the ungoverned spaces inside Iran. Pakistan also shared multiple dossiers with concrete evidence of the presence and activities of these terrorists,” the statement said.

“However, because of lack of action on our serious concerns, these so-called Sarmachars continued to spill the blood of innocent Pakistanis with impunity. This morning’s action was taken in light of credible intelligence of impending large-scale terrorist activities by these so called Sarmachars.

“This action is a manifestation of Pakistan’s unflinching resolve to protect and defend its national security against all threats. The successful execution of this highly complex operation is also a testimony to the professionalism of the Pakistan Armed Forces.”

“Pakistan will continue to take all necessary steps to preserve the safety and security of its people which is sacrosanct, inviolable and sacred,” said MOFA.