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War fears rip into Indian, Pakistani markets

REUTERS, Bombay/Karachi
Pakistan stocks suffered their second-largest fall Monday and the Indian rupee fell close to a record low as tensions between the countries threatened to escalate into war following a guerilla assault on an Indian army camp last week.
Shares tumbled over seven per cent on Pakistan's Karachi Stock Exchange .KSE to end at a 14-week low as the two countries' armies, locked in a five-month face-off after an attack on India's parliament in December, exchanged fire for a fourth day.
In India, shares ended near fivemonth lows, the rupee eased near its lifetime bottom against the dollar and government bond yields held close to five-month highs.
Global rating agency Standard &
Poor's warned that the sovereign ratings of both countries could be affected if the tensions persisted and hurt public finances.
The nuclear-capable South Asian neighbours moved closer to war last week after a bloody guerilla attack on an Indian army camp in disputed Kashmir.
The Indian government blames the attack and the assault on parliament on Pakistan-backed Islamic extremists. It vowed "appropriate action" after last Tuesday's strike left 34 people dead, including the three attackers.
So far, India has not specified what form that action could take, but over the weekend it expelled Pakistan's chief envoy and streamlined its armed forces, bringing paramilitary troops at the border under the army's control and the coastguard under the navy's com-
mand.
Equity traders said there was no panic selling as yet but the uncertainty had unnerved investors.
"The recent events have shifted investor focus from themes such as earnings or economic recovery," said Bahrain-based Hemant Kulkarni, who helps manages $80 million in India equities for Taib Bank.
"As things stand now, we think there is a greater downside risk, and if there is a war, then the markets will surely tank."
The benchmark Bombay exchange index ended down 1.53 per cent at 3,282.81 points, its lowest close since January 2.
At its close, the index had lost 4.6 per cent since Tuesday's attack but was up a marginal 0.6 per cent since January, driven by a series of privatisations by the government.