The Uri attack last week, seems to be showing its affect on the Pakistan stock market

New Delhi: The mounting Indo-Pak tension and domestic political concerns in the aftermath of the Uri attack last week, seems to be showing its affect on the Pakistan stock market.

An across-the-board selling was seen on Wednesday at the Karachi Stock Exchange (KSE) as it shed 569.04 or 1.41 percent.

The KSE closed below psychological 40,000 level at 39771.42 points.

“Concerns over domestic politics and more importantly geo politics as Pakistan-India tensions mount after recent Kashmir attack, spooked investors and gave equities a good excuse to correct”, dailytimes.com quoting report by Elixir Securities said.

Tension have heightened between India and Pakistan in the wake of the attack by heavily-armed militants, suspected to be from Pakistan, on an army base in Uri in which 18 jawans died.

Meanwhile,  in its sharpest attack on Pakistan, India yesterday called it a “terrorist state” which carries out “war crimes” by using terrorism as an “instrument of state policy”, after Pakistani Prime Minister Nawaz Sharif glorified Hizbul commander Burhan Wani at the United Nations.

India also strongly rejected Sharif’s call for “a serious and sustained” bilateral dialogue “without any conditions”, saying that Pakistan, which “seems to be run by a war machine rather than a government”, wants talks with a “gun in its hand”.

Strongly reacting to Sharif’s remarks at the UN General Assembly session, Minister of State for External Affairs M J Akbar described them as full of “threat, bluster and complete disregard of facts” as he said glorification of Wani by him at the world forum is an act of “self-incrimination” by Pakistan.

Bureau Report