India’s anger rocks Pakistan’s economy: stocks crash, loss of crores.
Terror in Pahalgam, Tremors in Karachi
The aftermath of the ghastly terrorist attack in Pahalgam, Jammu & Kashmir, extends beyond the territorial limits. With India in mourning for her citizens, anger throughout the length and breadth of the country is becoming a major factor in yielding disastrous consequences for Pakistan-this time, not at the military front, but in the economic arena. The stock market crash in Pakistan is making investors see their fortunes vanish.
India’s Silent Retaliation: Where It Hurts the Most
Contrary to any affirmative military intervention from India’s side, the apprehension of such an important Indian response has already affected the financial health of her neighbor. The Karachi Stock Exchange (KSE-100 Index) is considered the true barometer of Pakistan’s economic health, and it lost 1,303 points on April 23 at shutters down 117,127.06. The bloody fear stayed on through April 24 as the KSE dropped 1,000 points on premature trading. In anticipation of war, a fast exit by investors, accumulation of panic, massive sell-off, and loss of crores in Canadian dollar market value became the order of the day.
Top Companies Under Pressure
Big names suffered, and it seems the stocks were equally affected. Investors in these companies, such as United Bank Limited and Hub Power Company, suffered heavy losses on the stock market. The panic selling reflects how nervous investors are, not helped by external developments. The IMF has just been forced to cut Pakistan’s growth forecast from 3% to 2.6%, while Fitch has indicated that tumbling of the Pakistani rupee may be in the pipeline. With all this going on, the perfect storm brews.
Confused Economy Has Taken an Uncertain Direction
Tensions are high as India mulls the next legal options available. Reports suggest that the Pakistan-based terror outfit TRF has taken the accountability of the attack in Pahalgam, with high expectations of Indian retaliation. An attack has not yet taken place, but the dark cloud of impending Indian revenge has sent tremors through Pakistan’s economy. Foreign investors have started to flee in droves, keeping in mind Pakistan’s instability.
The Cost of Conflict, Without a War
Pakistan’s economy finds itself at the intersection of a brewing geopolitical fiasco. Stocks crashed, currency under pressure, economic fallout—in short, before anything militarily tangible has happened were signs of a conflict. The two are on the edge, their actions under the inspection of the entire world. In this game of competition and above all, the onus is clear: economic harm has already begun, and it is striking Pakistan where it hurts-the most; in its economy.
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