Pakistan-US rift over Nato routes drags KSE down

ISLAMABAD: Country’s main stock market index ended down on Wednesday with the mood dampened by the ongoing rift between Pakistan and the United States over NATO supply routes to Afghanistan, dealers said. The KSE's benchmark 100-share index fell 0.45 percent, or 60.67 points, to close at 13,368.89 points on volume of 62.25 million shares. "The market remained under pressure because of continuous foreign selling. Weak global markets and the deadlock in Pakistan-U.S. talks on NATO (supply routes) also affected market sentiment," said a dealer. Pakistan's foreign minister said on Tuesday that difficult talks with the United States to repair frayed ties and re-open NATO supply routes to Afghanistan were not being thwarted by a Pakistani demand for high tariffs on the supplies. Government cut the routes for NATO supplies in November last year to protest against the death of 24 Pakistani soldiers killed in cross-border fire from NATO aircraft. The routes are seen as important for the withdrawal of most foreign troops from Afghanistan before the end of 2014. (Reuters)