Pakistan stock market tumbles and triggers trading halt, geopolitical tensions escalate.
The Pakistani stock market plummeted on Monday, as tensions in the Middle East escalated following military strikes by the United States and Israel against Iran. According to a statement released by the Pakistan Stock Exchange, the KSE-30 index fell by 9.6% in early trading, triggering a one-hour trading halt. The exchange announced that trading would resume at 10:27 local time. Meanwhile, the Pakistani rupee remained relatively stable, with the exchange rate hovering around 279.86 to 1 US dollar. Pro-Iranian protesters have also been seen across Pakistan, with clashes between protesters and police resulting in at least 10 deaths in Karachi, a major port city in Pakistan, on Sunday. Tensions with Afghanistan have also escalated, with Pakistan declaring a state of "open war" with Afghanistan. Both sides have engaged in cross-border attacks, extending as far as the Afghan capital, resulting in at least hundreds of casualties.
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