Economics
Pakistan: After the Crash
Irrational exuberance brought a crisis in the futures market in March. Now regulators hope reforms will restore investor confidence
This article is for subscribers only.
By Naween A. Mangi
The tale of the Pakistan stock market has all the makings of a financial fable: dizzying heights, record-breaking numbers, and unfettered greed. It has grabbed headlines because of its race to new highs on the back of a powerful economic recovery with stunning corporate profit growth. And it captured the limelight in March when investors rioted at the stock exchange to protest heavy losses when the market crashed.