Wednesday, May 22, 2002
Wednesday, May 22, 2002 |
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By B. Muralidhar Reddy
While on Monday under the spell of aggressive selling the KSE-100 Index fell by 132.57 points or 7.45 per cent, hitting 1647.19 with the market capitalisation tumbling by Rs.29 billions at Rs.382.332 billions. Reports from Karachi said the Exchange witnessed a crash of another three per cent as small investors continued to dump shares. Commentators said selling originated from all quarters while buyers were conspicuous by their absence. Observers here believe that the behaviour of the KSE is a clear indication of the war scare that has gripped Pakistan. In contrast to the record crash in recent years, the KSE did not witness such panic reaction in December last year when India announced mobilisation of forces on the border. Observers do believe that the war of words between India and Pakistan that began in the wake of the December 13 Parliament attack did not have the same kind of adverse impact on the public as the actions initiated by the Indian Government in the wake of the May 14 Jammu massacre.
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