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Tuesday, July 6, 1999
Pak markets cheer Kashmir deal
KARACHI: Pakistani markets today surged after Prime Minister Nawaz Sharif agreed with the United States that guerilla forces fighting Indian troops in northern Kashmir would be withdrawn. But brokers s said fears of domestic political instability, stoked by angry political and military opposition to the deal, could weigh on the markets. "The chances of a war seem to be diminishing but there will be fear of a domestic fallout that may cap gains,'' said Abid Naqvi, head of research at stock brokers Taurus Securities. The Karachi stock exchange's 100-Share index soared 34.89 points to 1,139.71 by lunch break today, and the rupee opened in the kerb market at 53.90 rupees to the dollar, against Saturday's close of 54 rupee per dollar.Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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