India, Pakistan stocks fall after Kashmir strikes

By AFP
Published: September 29, 2016
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PHOTO: PPI

PHOTO: PPI

MUMBAI: Pakistan Stock Exchange fell 0.37 percent, or 147 points, to 40,207 following the border strikes, reversing early gains of some 500 points on OPEC’s decision to cut oil output.

“Panic gripped investors over the uncertain conditions on the Indian border and they pulled out from the market,” said Azam Khan, chief executive officer of Sunrise Capital Private Limited.

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Across the border, Indian stock markets slumped almost two percent on Thursday after the army said it had conducted “surgical strikes” along the de-facto border between Pakistan and India.

The Bombay Stock Exchange slid 534.70 points, or 1.84 percent, to 27,770.32 in afternoon trade after India said it had carried out the strikes to thwart attacks on some of its biggest cities.

India’s National Stock Exchange slid 1.75 percent, or 152 points, to 8,592.25.

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Lieutenant General Ranbir Singh, India’s director-general of military operations, said the strikes had been carried out along the unofficial border that divides the disputed territory on Wednesday night, provoking a furious reaction from Pakistan.

Two Pakistani soldiers have been killed in the “cross-border fire” while Prime Minister Nawaz Sharif condemned what he called India’s “naked aggression”.

Pakistan-India tension takes toll on stock market

The strikes come after the Indian government accused Pakistan-based militants of launching a deadly assault on an army base in Kashmir earlier this month that killed 18 soldiers.

India has been on a diplomatic drive to isolate Pakistan following the Uri attacks.

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Reader Comments (9)

  • London Banker
    Sep 29, 2016 - 3:32PM

    Its OK. Stocks go up and down. Meanwhile enjoy Indian imagination and lies. Recommend

  • Fast
    Sep 29, 2016 - 3:43PM

    LOL. KSE lost 0.39% while Indian BSE lost almost 2% good deal for Pakistan. Instead of any harm to Pakistan by Indian false propaganda. India losing its own businesses lovely.Recommend

  • MSun
    Sep 29, 2016 - 3:50PM

    What rubbish ! Indian Stocks did not fall rather the Stock exchange rallied up by decent points today !Recommend

  • Shuaib
    Sep 29, 2016 - 5:06PM

    India will be seen as an aggressor, it’s good news for Pakistan. Pakistan can get the non-Western international community to back it. Even Western powers are likely to get annoyed by this escalation by India.Recommend

  • Gautam
    Sep 29, 2016 - 5:39PM

    Whatever happening on Stocks..doesn’t matter… Proud to be Indian.Recommend

  • Vectra
    Sep 29, 2016 - 5:53PM

    Indian stock fell by 580 points but in had a day recovered 290 points.Recommend

  • Asad
    Sep 29, 2016 - 10:47PM

    @Gautam:
    You must be and not just millions like you are loving the way your government is making a fool out of them by spreading false news and propaganda. Did you every asked for any proof of surgical strikes? Any footage or even pictures? We have video(s) of how we retaliated after firing incident which you people call surgical strikes ;)Recommend

  • Atomic power
    Sep 29, 2016 - 10:58PM

    Congrats. Indian stock market dipped. More strikes please so that it buckles down completely.Recommend

  • Lucknow Nabob
    Sep 30, 2016 - 8:19AM

    0.15% Down is not a stock market crash … Recommend

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