Pakistan Stocks Recover After Crash, Govt Denies Loan Plea Tweet
After a big crash, Pakistan's stock market saw a small recovery. A tweet asking for foreign loans was posted on a government account, but officials say the account was hacked and the message wasn’t real.
Market Bounces Back Slightly |
On Friday morning (May 9), the Pakistan Stock Exchange (PSX) showed signs of recovery after a major crash. The KSE-100 Index was up by 2,201.33 points, or 2.13 per cent, trading at 105,789 at 10:20 am.
This came after Thursday’s huge fall, when the index dropped 7.6 per cent during the day and ended at 102,674 — a loss of over 7,300 points or 6.67 per cent. It was one of the worst days in the PSX’s history.
War Tensions Behind Market Drop
The stock market crash happened as military tensions rose between Pakistan and India. On Thursday, India launched a strike in response to what it said was a military move by Pakistan earlier that day.
The fear of more conflict made investors panic and sell their shares, leading to the market crash.
Govt Denies Asking for Loans
After the crash, a message was posted on the official X (Twitter) account of Pakistan’s Economic Affairs Division. It asked for more loans from international partners, saying the country suffered “heavy losses” due to the conflict.
But later, the government said this message was fake and that the account had been hacked. A spokesperson told Reuters that the ministry never made such a request.
Published on: Friday, May 09, 2025, 11:11 AM ISTRECENT STORIES
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