Bears took control of the trade floor as shares at the Pakistan Stock Exchange (PSX) plunged by more than 3,500 points — a development that analysts attributed to investor anxiety over potential Indian military action against the country.

The benchmark KSE-100 index decreased by 1,717.35 points, or 1.5 per cent, to stand at 113,154.83 from the last close of 114,872.18 at 9:53am.

At 10:38am, the index declined by 2,073.42 points, or 1.8pc, from the last close.

By 1:50pm, more selling pressure ensued at the stock market as the KSE-100 index plunged by 3,255.42 points, or 2.83pc, from the last close.

Finally, the index closed at 111,326.57, down by 3,545.61 or 3.09pc, from the last close of 114,872.18.

Mohammed Sohail, chief executive of Topline Securities, attributed the decline to “news of likely attack in next few days”.

Awais Ashraf, director research at AKD Securities, said, “Investors are worried about potential Indian military action against Pakistan, concerns that have intensified following the information minister’s press briefing.”

Yousuf M. Farooq, director research at Chase Securities, echoed the same sentiments.

He said that the market was under pressure following the information minister’s “statement last........

© Dawn Business