Pakistan Stock Exchange portal down amid tensions over Pahalgam attack, netizens say, ‘good way to stop stock sell’

The Pakistan stock exchange website is currently non-operational amid the rising tensions between India and Pakistan following the Pahalgam terror attack in Kashmir.

Upon opening the website, it displays, “ WE'LL BE BACK SOON, PSX website is under maintenance until further notice."

On Thursday, the Pakistan stock exchange (PSX) opened significantly lower after the Indian government announced measures in retaliation for the terror attack that claimed 26 lives.

The benchmark Karachi-100 index (KSE-100) dipped more than two per cent, or 2,500 points, to 1,14,740.29 in the first five minutes of trading. Although the index had recovered some losses, it was still trading lower by 1,532.42 points, or 1.31 per cent, at 115,693.72 by 3 p.m., highlighting the market’s response to any further escalation.

Social media users react

Following the website outage, social media users reacted on X.

One of the users said, “good way to stop stock sell.”

“Pakistan has a stock exchange also?” added another.

One of the users said, “Panic attack on Pakistan Stock Exchange.”

“Pakistan Stock Exchange is telling us something. What do you say about Pakistan Stock Exchange. It looks ticking time bomb(sic),” wrote another user.

One of the users expressed surprise and said, “Pakistan has a stock exchange ??? That's news worthy.”

Another user said, “Pakistan stock exchange website hacked?”

Stock market volatility in Pakistan

On Wednesday, Pakistan Stock Exchange plunged 1,204 points after the International Monetary Fund (IMF) cut down the GDP growth forecast of Pakistan for FY25 to 2.6 per cent over issues such as fiscal risks and continued external vulnerabilities. Additionally, the Asian Development Bank (ADB) trimmed the GDP growth forecast of Pakistan for 2025 to 2.5 per cent from 3 per cent projected in December 2024. The Pakistan government had set a 3.6 per cent growth target.

India's diplomatic action following Pahalgam attack

The Cabinet Committee on Security (CCS) announced to shut down the Attari border and ask Indians across the border to return to India by May 1.

The Ministry of External Affairs (MEA) also cancelled all the existing visas issued under the SAARC Visa Exemption Scheme (SVES) for Pakistani nationals, asking Pakistani citizens to leave India within 48 hours. The strength of High Commissions will be lowered from 55 to 30, effective from May 1, 2025. Additionally, the Indus Waters Treaty is suspended for the first time since it was signed in 1960.

The diplomatic action comes after terrorists indiscriminately shot tourists in Kashmir's Pahalgam on Tuesday, April 22. The attack occurred in Baisaran, also known as ‘mini Switzerland’.