On May 11, the border between India and Pakistan resumed calmness, leading to a significant surge in the stock market on May 12. The Indian government stated that military high-ranking officials from both countries would discuss the next steps at noon on the 12th.
Following the mediation efforts by the United States, India and Pakistan agreed to a comprehensive ceasefire on May 10. However, just hours later, both sides accused each other of violating the ceasefire agreement. The Indian military reported that the 11th was the first calm night in the border region in days, although some schools remained closed.
After four days of intense crossfire between India and Pakistan, Washington exerted diplomatic pressure on both countries. On May 10, American President Trump announced a ceasefire in the Himalayan region.
A senior Indian military official mentioned that on the 11th, India sent a hotline message to Pakistan about the previous day’s ceasefire violations, stating that New Delhi would respond further to such incidents.
A spokesperson for the Pakistani military denied any violations of the ceasefire.
The Indian Foreign Ministry stated in a release on May 10 that the military directors from both sides would hold a conference call at 12:00 on the 12th (6:30 Greenwich Mean Time).
Prior to this, the two nuclear-armed nations had attacked each other’s military installations with missiles and drones, resulting in the deaths of dozens of civilians. The trigger for these events was a terrorist attack in the Indian-controlled Kashmir region last month, which claimed the lives of 26 tourists.
India accused Pakistan of orchestrating the attack, while the latter denied the allegations.
The Indian government mentioned that on May 7, they carried out strikes on nine “terrorist infrastructure” sites in Pakistan and the Pakistani-controlled Kashmir region.
On May 12, Pakistan’s benchmark stock index rose nearly 9%, recovering most of the losses from the past three trading days. Subsequently, the country’s stock market suspended trading for an hour.
India’s benchmark stock index surged about 2.5% in early trading. Previously, the Indian Nifty index had fallen by 1.5% over the first three trading days. Concerns about the India-Pakistan conflict led to a $83 billion loss in market value over the two days on May 8-9.
(This article was based on a report by Reuters)