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Bears took control of the trade floor as shares at the Pakistan Stock Exchange (PSX) declined by more than 2,000 points in intraday trade, which analysts attributed the slump to heightened tensions between the country and neighbouring India.

The benchmark KSE-100 index decreased by 1,717.35 points, or 1.5 per cent, to stand at 113,154.83 from the last close of 114,872.18 at 9:53am.

At 10:38am, the index declined by by 2,073.42 points, or 1.8pc, from the last close.

Indian fighter jets patrolling above occupied Kashmir were forced to flee after the Pakistan Air Force (PAF) scrambled its jets, state media PTV News reported on Wednesday, adding to tensions between the two countries in the wake of the Pahalgam attack.

India, without offering any evidence, has implied cross-border linkages of the attackers, while Pakistan’s political and military leadership have strongly denied any involvement. Prime Minister Shehbaz Sharif has called for a neutral probe into the incident.