Video: Anger at Pakistani market slump
Violence erupts at Stock Exchanges across Pakistan after shares continue their steep decline.
<Click on picture to watch video>
Tires burned Thursday in front of the stock exchange in Islamabad, Pakistan, as protesters vented anger over a two-week plunge in share prices. While Wall Street prices rose, Pakistani shares fell over concern about handling of the ailing economy.
Investors destroyed a door at the Karachi Stock Exchange in Pakistan on Thursday to protest slumping share prices.
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The New York Times – Pakistani Bear Market Has Investors Raging in the Streets
Angry investors stormed out of the Karachi Stock Exchange on Thursday, hurling stones and planters at the building in protest over slumping share prices. The benchmark index fell for the 15th consecutive trading day, the worst losing run in at least 18 years. Angry investors also protested in Lahore and Islamabad, Pakistani newspapers reported. “I have lost my life savings in the last 15 days, and no one in the government or regulators came to help us,” said Imran Inayat, 45, a protester and a former broker in Karachi, Bloomberg News reported. He said his loss was $4,175. Much of the protesters’ anger was directed at the new government, which is perceived as unable to fix an ailing economy plagued by runaway inflation and large budget and trade deficits. -
Bloomberg.com – Pakistani Investors Stage Protest at Karachi Exchange
Pakistani investors gathered at the Karachi Stock Exchange to protest against a decline that entered its fifteenth consecutive day. Hundreds of investors walked out of the trading hall, threw stones at the building and shouted slogans against stock market regulators. The exchange called the police to help stem the violence as investors broke windows and threw plant holders in the parking lot of the building. “I have lost my life savings in the last 15 days and no one in the government or regulators came to help us,” said Imran Inayat, an investor who was part of the protest. Pakistan’s stocks fell for a 15th day, extending this year’s plunge to 29 percent. Regulators on July 14 eased curbs on trading, including a restriction on price declines to 1 percent that had been in effect since June 24.
Comment With apologies to Bob Dylan, from Howard L. Simons:
They’ll stone you when the market isn’t good They’ll stone you just like they said they would They’ll stone you when you make a loan They’ll stone you when you’re there all alone But I would not feel so all alone Investors must get stoned
They’ll stone you when you’re trading up your stocks They’ll stone you until they’re out of rocks They’ll stone you when you’re trading on the floor They’ll stone you when you’re broke and poor But never make a mortgage loan!
Then you really will get stoned
They’ll stone you at the boardroom table They’ll stone you when you’re trading cable They’ll stone you when you’re trying to make a buck They’ll stone you when you’d rather [*^&#] But I would not feel I have to trade When the time comes for getting [%$@!]
Well, they’ll stone you and say that it’s the end But that sometimes marks the trend They’ll stone you when you’re riding in your car When crude crashes down to par But never make a mortgage loan!
Then you really get stoned