Opening Bell: KSE-100 lost over 2% on Indo-Pak tensions

April 24, 2025 (MLN): The Pakistan Stock Exchange (PSX) opened deep in the red on Thursday as geopolitical tremors rattled investor sentiment. The benchmark KSE-100 index plunged by 2.12% or 2,485.85 points to trade at 114,740.29 in the first five minutes of opening.

Local bourse reacted sharply to India’s sudden suspension of the Indus Waters Treaty, a decades-old water-sharing agreement. Alongside a series of aggressive diplomatic steps, India closed the Wagah border, expelled Pakistani defence personnel, and terminated SAARC visa exemptions for Pakistani nationals.

The index lost nearly 2,565 points within the first 5 minutes of opening as investors scrambled to reduce exposure amid fears of regional instability and potential retaliatory measures.

India’s top diplomat Vikram Misri cited Islamabad’s alleged backing of cross-border terrorism as the reason for putting the 1960 treaty “in abeyance,” following a deadly attack in Indian-occupied Kashmir that claimed 26 civilian lives. The statement, paired with stern warnings from Indian Defence Minister Rajnath Singh, added fuel to investor anxiety.

Sector-wise, Commercial Banks (-699.02pts), Oil & Gas Exploration Companies (-312.76pts), Cement (-240.00pts), Inv. Banks / Inv. Cos. / Securities Cos. (-215.98pts), and Fertilizer (-215.57pts) took the brunt of the sell-off. 

Top losers were BWCL (-10.00%), AGL (-8.40%), EFUG (-8.38%), GADT (-5.91%), and POML (-5.38%).

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