Rizwan Ahmend, a police official at the scene, said that after opening fire, the gunmen entered the high walled stock exchange grounds.
Foreign Minister Shah Mehmood Qureshi says the clues of terrorist attack on Pakistan Stock Exchange building in Karachi are leading towards India's activated sleeper cells.
Besides the four security guards, a police officer and an investor were among those killed in the attack, the police said. Possibilities of them having made accommodation arrangements near the Merewether Clock Tower and carrying out that attack with the support of local residents are also being considered.
Pakistan has always been plagued by Islamist militant violence but attacks have become less frequent in recent years. Security forces are searching the area.
Mr Memon said the attackers did not manage to enter the main building and grenades, explosives and other weapons were recovered from them.
The BLA along with other militant outfits have always been fighting for secession of the southwestern Balochistan province, which they claim was forcibly incorporated into Pakistan when it was founded in 1947. "Their only aim was to take people hostage in the stock exchange", said Khan in the National Assembly on Tuesday.
The outlawed Balochistan Liberation Army (BLA) claimed responsibility through social media, but such an attack reflecting "frustration" of Indian agency RAW over peace in Pakistan's financial hub was not possible without the help of any foreign hostile agency, the chief of paramilitary Rangers told a press conference after the attack.
"It was a terrorist attack, there's no doubt about it", said DIG South.
The gunmen initially threw a grenade at security men posted outside the stock exchange compound then opened fire on a security post.
It was not immediately clear how many gunmen were involved in the attack and whether they were inside the building itself.
The BLA have long accused China of plundering Balochistan, the largest of Pakistan's four provinces that makes up the southwestern part of the country. The Baluchistan militant group has opposed the one-road project, including a highway connecting the Gwadar port to the Chinese border.
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