Friday, 29 August 2008

The Karachi Stock Exchange falls 16% in 7 days

Pakistan's benchmark index has suffered a 16% plunge that has wiped out $36.9 billion of market value since April. The market is now down 42% since April. President Musharraf declared a State of Emergency on Saturday, saying he was acting to curb extremism.

Pakistan has since imposed emergency trading limits. Securities normally trade within 5 percent daily limits. Regulators have banned short-selling, narrowed the limit on declines from 5 percent to 1 per cent and doubled the cap on gains to 10 per cent.

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