Karachi Stock Exchange (KSE 100) recovered over 1000 points from day's low, currently trading around 450 points lower. The index tanked nearly 1500 points in intra-day trade on Wednesday, continuing yesterday's decline after the Indian Air Force carried out an air strike on terror camps in Pakistan.

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The KSE 100 represents 85% of all the market capitalization of the Karachi stock exchange.

The index hit a day's low of 37,342, falling as much as 1479 points or 3.5 percent during the day. This was the biggest fall in the index since July 11, 2017, when the index fell 4.65 percent after the Joint Investigation Team (JIT), constituted by the Pakistan Supreme Court to probe money laundering allegations against the Sharif family, reported that the prime minister and his children had accumulated wealth beyond their known sources of income.

In a recent development, the Ministry of External Affairs confirmed that Indian Air Force retaliated against Pakistan’s air space violation. In that process, India lost one MiG 21 aircraft and one pilot is missing. India further said the ministry is ascertaining Pakistan’s claim that they have Indian pilot in their custody.

Earlier, foreign secretary Vijay Gokhale confirmed the reports of attack, saying that India has struck the biggest training camp of JeM and expects Pakistan to dismantle remaining JeM camps. The strike comes 12 days after the Pulwama terror attack where 40 jawans of the Central Reserve Police Force. JeM had claimed responsbility of the attack.

The KSE 100 index has been on a falling trend, down over 12 percent in the last one year. It has fallen over 6 percent since February 14, the day of the Pulwama attack.

At 3.30 am on Tuesday, Indian Air Force's Mirage 2000 fighter jets crossed over into Pakistan and bombed the JeM camp Balakot in Pakistan's Khyber Pakhtunkhwa region.

Talking to the media after the strike, foreign secretary Vijay Gokhale said civilian casualties were avoided. India had information that JeM was planning more terrorist attacks; hence, this response had become unavoidable, he added.

First Published:Feb 27, 2019 12:09 PM IST