PSX Experiences Significant Decline Amid Pakistan-Iran Escalation
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Amid the escalating tensions between Pakistan and Iran, the Pakistan Stock Exchange (PSX) witnessed a significant decline on Thursday, with a fall of over 1,000 points. The KSE-100 Index dropped below the psychological threshold of 63,000 points, settling around 62,500 points. This decline in the benchmark index resulted in substantial losses for investors, mirroring a similar downward trend observed at the PSX on the previous day.
Following Iran’s air strike in Pakistan, the country’s armed forces conducted an early morning air attack on terrorist hideouts in Iran’s Sistan-o-Balochistan province. The Intelligence-based operation, named ‘Marg Bar Sarmachar,’ confirmed the elimination of several terrorists, as stated by the Foreign Office (FO).
Read more :Â PSX Sets Record With KSE-100 Surpassing 66,000
In response to Iran’s missile and drone strikes inside Pakistan on Tuesday, Pakistan took swift diplomatic actions, recalling its ambassador from Iran and expelling Tehran’s envoy. This move marked the first time Pakistan had to recall its envoy from Iran, underscoring the heightened tensions between the two neighbors.
The deterioration in ties was triggered by Iran’s strikes, which the country claimed targeted two ‘terrorist bases’ of Jaish-al Adl, a terrorist group operating from Iran’s Sistan-Baluchistan province. Pakistan strongly condemned what it termed the “unprovoked violation of its airspace” by Iran, warning of serious consequences. Islamabad contested the Iranian claims, asserting that the strikes resulted in the death of two innocent children and injuries to three girls.
