This entry was posted on Thursday, July 17th, 2008 at 8:41 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
This Bloomberg headline caught my eye:
The history of dumbasses is a well littered trail, yet the ones that got together at the Karachi Exchange decided to :
In Karachi investors today broke windows, threw plant holders in the parking lot of the building, burned shareholder statements and at least one protester was injured, prompting intervention by police and the paramilitary. Investors were also protesting outside the Lahore and Islamabad stock exchanges, Geo Television reported.
and
Police surrounded the exchange after hundreds of investors stoned the building and shouted anti-government slogans. They directed their ire at the government and Securities and Exchange Commission of Pakistan, which this week removed a 1 percent daily limit on price declines. The measure was aimed at halting a slide that wiped out $30 billion of Pakistan’s market value in three months, threatening to undo a 14-fold rally since 2001.
That is right folks. A 14 fold rally since 2001. Yet prices slide 25% in a short period and this requires stoning the building. Here is the recent chart. Were there any obvious warning signs in the past 3 months? Of course.
Dave Johnson