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Pakistan market halted as KSE-30 soars 9%, hits circuit as tensions cool
Trading in Pakistan's stock market was halted on Monday after the benchmark indices hit the upper circuit limit following a ceasefire agreement with India and a $1 billion loan package.
Pakistan's stock benchmark KSE-30 Index surged as much as 9.2%, the most since 2008, according to Bloomberg. Meanwhile, India's Nifty50 rose 3 per cent as market participants cheered the end of what could have been an all-out war.
Stocks in Pakistan also got the much-needed boost from the International Monetary Fund (IMF), after the Washington-based global lender approved the immediate disbursement of about $1 billion. The decision allowed for an immediate disbursement of around $1 billion, bringing total disbursements under the arrangement to about $2.1 billion. Meanwhile, the broader gauge KSE-100 was up 8.5 per cent, before trading was suspended. The rally in the Pakistani stocks came two sessions after they were halted for trading as the benchmark indices tumbled to hit the lower circuit.
Ceasefire talks
India and Pakistan on Saturday, May 10, agreed to a 'full and immediate ceasefire'. Foreign Secretary Vikram Misri confirmed the development, stating that the Directors General of Military Operations (DGMOs) of both countries would reconvene on May 12 at noon to assess the situation further.
However, just hours after the ceasefire took effect, multiple violations were reported from Jammu and Kashmir.
It must be noted that an official ceasefire was not in place - an understanding of a ceasefire was reached. The suspension of the Indus Water Treaty will continue, and there is no decision to hold talks on any other issue at any other place.
US President Donald Trump was the first to make the ceasefire announcement via his official social media handle, where he said that the agreement had been reached after an extended round of negotiations.
While the post did not include details about the terms of the ceasefire or the specific issues addressed during the talks, it marks a significant step towards de-escalation between the two nuclear-armed neighbours.
External Affairs Minister S Jaishankar said that both nations have reached an understanding on "stoppage of firing and military action." In a post on X, Jaishankar said, "India and Pakistan have today worked out an understanding on stoppage of firing and military action. India has consistently maintained a firm and uncompromising stance against terrorism in all its forms and manifestations. It will continue to do so."
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