The Pakistan Stock Exchange (PSX) on Wednesday saw a bearish trend amid growing tensions between the US and Iran after the latest exchange of strikes.

The KISE index shed 1,289.43 points or 0.73 percent to 175,177.56 points from previous close of 176,466.99.

The market traded between an intraday high of 175,519.88 and a low of 174,701.13.

The trading volume was 57,010,307 and the overall market value was listed at 3,482,780,690.

Asian equities tumbled on Wednesday as a bond market-led selloff on global markets spilt into the region following intensified attacks by the U.S. on Iran pushed oil prices higher.

MSCI’s broadest index of Asia-Pacific equities outside Japan (.MISX00000PUS) slumped 1.5% with South Korea’s KOSPI (.KS11) skidding more than 3% and the Nikkei 225 (.N225) off 2.6%. S&P 500 e-mini futures dipped 0.1%.

Brent crude futures rose for a second day in Asia trade, gaining 1.3% to $95.91 a barrel after the U.S. launched a round of airstrikes on Iran on Tuesday, which pushed oil prices to a five-week high earlier.

MQM leader Taha Ahmed Khan said new administrative units will be created in Sindh for improved governance and provision of basic utilities to people of the state.

MQM leader while addressing at the Sindh Assembly session remarked, “Who talked about changing the territorial boundaries of Sindh. We know how new provinces are made. “We are not talking about the borders of Sindh, but administrative units.”

The government was trying to divert attention from its own failings by raising the topic of division of Sindh, Taha Ahmed Khan stated. The PPP wants to create such debate to divert attention from its ineptitude and corruption. The Sindh administration cannot fool the masses.

He added: “The Minister of Labour and Public Health is saying that corruption is happening. But who will halt the corruption?

“Why Sindh water being sold,” MQM leader remarked. “Which of your ministers goes to a government hospital for treatment?

President Asif Ali Zardari and Federal Interior Minister Mohsin Naqvi held critical meeting in London and reviewed law and order, national security and overall political status of the country.

The meeting also discussed issues of mutual interest, while Interior Minister Mohsin Naqvi briefed the president about his recent official engagements and related matters.

President Zardari and Mohsin Naqvi also discussed the current state of the country including law and order and national security problems.