Pakistan Stock Market Plummets Over 7,000 Points After Pahalgam Attack Killing 26; Refinery Losses Hit 15%, US-UN Call for De-escalation Spurs Rebound

Pakistan's stock market has experienced a sharp decline amid escalating tensions with India following a deadly terrorist attack in Pahalgam, Kashmir, which killed 26 people. Since April 22, the Pakistan Stock Exchange has dropped over 7,000 points, marking its worst monthly performance since 2023. Key sectors such as refineries have suffered losses of up to 15%. The market rout reflects investor unease over the deteriorating India-Pakistan relations. However, the Pakistan Stock Exchange showed signs of recovery on May 2, as investor confidence was bolstered by calls from the United States and the United Nations for de-escalation of tensions. Analysts suggest that while the conflict has shaken market confidence, the resulting market correction might offer a favorable buying opportunity.