I missed this at the time, but apparently Pakistan has legislated that trading on its main exchange will simply be suspended if the index falls below a certain level. Genius. http://www.marketwatch.com/news/story/pakistan-stocks-rise-after-exchange/story.aspx?guid={3A073AD4-16EC-431A-8DDE-BD4E2165F588}
Pakistan is getting to be a pretty dysfunctional place. It should worry everyone as it’s not hard to paint scenarios in which Pakistan becomes some 1979 Iran-clone fundamentalist Muslim country with vastly more people, nuclear weapons, and a problem with India. Edit: Not to mention that we should be behaving better, but shooting at US helicopters is a really bad idea.
You do realize that we have something very similar, right? Ours is just more complicated.
Even Indian stock markets NSE, BSE have something called as Upper Circuit rule to avoid market manipulation as was done by Harshad Mehta. An excerpt … “I am reminded of an anecdote relating to Harshad Mehta: In those days Harshad Mehta had the ‘midas touch’, anything he was associated with started to climb in the markets. People used to track Harshad Mehta’s moves like mad. One day a liftman incharge of operating the lift at BSE had Harshad Mehta on the lift, and he was talking to an official of Karnataka Govt. about investment plans in the state. The lift man heard the Karnataka official tell Harshad Mehta that if you invest in Karnataka your investment is likely to double in a short period. The lift man immediately got hold of his freind selling new issue forms outside BSE to find out if there was any listed share by the name of Karnataka. Soon he found out that there was a company by the name of ‘Karnataka Ball Bearings’, which was a sick company and the share was quoting at around RS.4 per share. The lift man who had some funds with him ordered for buying 2000 shares of the company, and recommended the share to his freinds telling them that Harshad Mehta is investing heavily in this company. The rumour spread like wildfire as ‘The Tip of the day’ and there was a mad scramble for shares of this company. The share started hitting the upper circuit regularly and jumped to over RS.10 soon. One day a friend of Harshad Mehta enquired from him about his investment in the company and its future prospects. Harshad himself was surprised that how this stock had appreciated so much, just because people were buying it as a Harshad Mehta stock. At that juncture Harshad himself bought over 1,00,000 shares of the company. As soon as the news was out there was a volume jump in the counter and the stock touched a three figure mark within days. At this juncture Harshad sold his shares in the market, but the common investors like the liftman hung on to their investment, in the greed of making more money. Soon the stock trend reversed and it started hitting lower circuits consecutively and the stock came back to Rs. 4 again.”
greenman101 Wrote: ------------------------------------------------------- > You do realize that we have something very > similar, right? Ours is just more complicated. Read it again. This is about individual securities.
The US probably has probably spent more than 700 Billion trying to keep Pakistan functioning. Pakistan in addition has bled India of a few hundred thousand of lives, not to mention the economic damage. As Dinesh mentioned that the suspension rule exists in India too, however the markets have to fall rapidly (and about 10% I think) before any of the circuit breakers come into play. The last time this happened was in Jan when the first wave of the subprime crisis hit home.
JoeyDVivre Wrote: ------------------------------------------------------- > greenman101 Wrote: > -------------------------------------------------- > ----- > > You do realize that we have something very > > similar, right? Ours is just more complicated. > No, it specifically mentions an “index”. You’re on a roll today, aren’t you?
Read again slowly…
CareerChange Wrote: ------------------------------------------------------- > The US probably has probably spent more than 700 > Billion trying to keep Pakistan functioning. > Pakistan in addition has bled India of a few > hundred thousand of lives, not to mention the > economic damage. > Hmm… Not unless you include a lot of very indirectly related things. I think our total direct aid to Pakistan ever is less than $30B. GWB has spent about half of that on direct aid to Pakistan. I don’t know how you are counting a few hundred thousand dead Indians unless it’s something like India could redirect money they spend on defense to medical care. > As Dinesh mentioned that the suspension rule > exists in India too, however the markets have to > fall rapidly (and about 10% I think) before any of > the circuit breakers come into play. The last time > this happened was in Jan when the first wave of > the subprime crisis hit home.
They also tend to stone the exchange when prices fall. Not a bad idea. edit: greenman101: “The board of directors of the KSE decided that individual security prices will not be allowed to trade below their closing levels as of Wednesday, while the 5% upper and lower trading limits will remain in place.”
We could tie some threads together and suggest a GWB stoning. I can’t do that because Homeland Security would come get me. If I was a Brit though, I might think about it. If I was a Pakistani, I would think about it even harder.
I can’t do it either. Our government agreed to extradite British citizens to the US without a prima facie case to aid the “war on terror”. Since that time the US has extradited 4 British guys who defrauded a UK bank (it had something to do with Enron apparently), and a idiot “hacker” who got into the US department of defence computer network looking for evidence of UFOs. Imbeciles.
Oh yes. And the Pakistanis love a good stoning/beheading. After they got knocked out of the Cricket World Cup in 2007, there were riots with people chanting “Death to Woolmer, death to Inzamam”. (the coach and the captain) Bob Woolmer died the next day of a heart attack.
it was a heart attack or a murder…it is not proved yet.