Gains from the upcoming International Monetary Fund (IMF) board meeting were wiped off from the Pakistan Stock Exchange (PSX) on Wednesday after the benchmark KSE-100 Index shed a whopping 6,560.82 points to hit an intraday low of 107,007.68 before a slight recovery. Such extreme volatility came after Indian security forces carried out strikes on nine terror targets earlier in the day in Pakistan and Pakistan-occupied Kashmir (PoK).
India’s ‘Operation Sindoor’ came two weeks after the brutal Pahalgam terror attack by Pakistani militants that claimed the lives of 26 civilians, including tourists.
Local Pakistani media, however, quoted several market watchers such as Topline Securities CEO Mohammed Sohail stating that the border escalation would settle and investors are looking forward to IMF deciding on a possible loan tranche for Pakistan.
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However, local media in Pakistan has not been entirely accurate in their recent coverage, mounting doubts on takes by market experts. These include the now-debunked video claiming that Pakistan Air Force targeted the Srinagar airbase, and a major Pakistani television channel claiming that India “hoisted White Flag to accept defeat”. Both claims have been debunked and proven to be misinformation campaigns.
The Fact Check wing of the Press Information Bureau also debunked claims that Pakistan recently shot down an Indian Rafale jet near Bahawalpur, with an image. “This image is from an earlier incident involving an IAF MiG-21 fighter jet that crashed in Moga district in Punjab in 2021,” added PIB.
Rumours of Rafale crashes—categorically denied by India—led to speculative slips in Rafale-maker Dassault Aviation’s stock in the French stock exchange. However, the effect of misinformation was shortlived as the fighter jet maker recovered in later trade.
Back in India, shares of Hindustan Aeronautics Limited (HAL) slipped 1.6 per cent despite opening higher. HAL is set to post its fourth-quarter numbers on May 14, the company announced on Tuesday.