PSX takes record plunge amid security unrest

Bloodbath continued on the Pakistan Stock Exchange (PSX) for the second straight day as the index suffered the largest-ever plunge, causing almost Rs820 billion loss to equity investors on Thursday after India launched drone attacks in major cities, including Karachi and Lahore. The market capital had lost Rs1.3 trillion in value in three sessions as jittery investors preferred to exit the market amid growing uncertainty about the economic outlook as geopolitical tensions turned into a military standoff after India hit three cities with missiles in the wee hours of Wednesday, martyring over 31 innocent civilians. Pakistan’s armed forces responded with the downing of five Indian fighter planes. Meanwhile, Indian shares fell on Thursday in their most volatile session this month. The Nifty 50 settled 0.58pc lower at 24,273.8 and the BSE Sensex fell 0.51pc to 80,334.81 after struggling for direction in early trade.