It is the Stock Exchange for the time being

Yesterday’s situation in Pakistan’s stock exchanges was no different from each day during the last four months that saw the markets plunge consistently resulting in the main Karachi bourse losing more than 30% of its value.

LSE protests
Protestors burning tires outside the LSE – Daily Times

Angry small investors went on rampage in the Karachi Stock Exchange demanding the closure of market for a few days to curb its slide. Scenes were a bit calmer in Lahore where a crowd protested outside the Lahore Stock Exchange building by burning tires and shouting slogans against the regulators and the big players.

This grim situation follows the failure of the new coalition government in tackling rising food & oil prices, electricity shortages and burgeoning trade & budget deficits triggering mindless inflation and depreciating the Pakistani Rupee to record lows against the US Dollar.

All this is happening when the country is facing a huge security threat on its western borders from the militants and NATO forces as its cities are no better safe from street-crimes, robberies and bomb blasts. Amidst all this lawlessness and chaos, our leaders seem to be least concerned when they are visiting their ‘families’ abroad leaving no person of strength and character in authority behind in the country.

I’ve never beeen pessimistic about my country’s situation but this has to be sorted. People in authority need, I repeat, desperately need to become serious in tackling the country’s problems. People in the north-west are Pakistanis, they need to be heard not bombarded upon; Balochistan deserves its gas-royalties and Sui itself should be supplied with gas; Thar coal should be exploited to create a mega-pool of electricity supply which can provide at least 20,000 MW of electricity by using only 2% of the reserves over the next 20 years.

Forget the judges, forget the president, yes, I mean it! Focus on the core issues, the main problems of the masses and the industrialists alike for poverty can only be elevated if industry flourishes.

Bring peace, bring food, bring prosperity, bring unity – only this is what has elected you guys to the seats of power and the failure in bringing what will pull you down. We have seen the violence at the Stock Exchanges; I’m afraid it’s not that hard to imagine when it comes to the streets soon…

2 Comments so far

  1. Asim.Net.Pk (asim) on July 19th, 2008 @ 3:15 pm

    I truely agree, we must tackle the core issues

    we must understand…
    if President resigns or Judges are restored, what will happen with
    immediate effect. The government and law will not cut down the prices
    Petrol will not be cheap when its all over the world rising
    Wheat and Bread will not be cheap nor sumggling will stop
    Terrorism will not stop nor bolders will be secured.
    nor any electricity, water and gas will be available in all homes of

    If we have to change the situation, we need to understand the demand of
    time and no angel will come to rescue us untill we rescue ourselves.
    STOP being corrupt and stop corruption and unlawless among us.
    If you can do something atleast give support to the right person
    and say NO to wrong group.

    There is no private organization which is doing its own projects for
    the development of pakistan people to achieve their goal such that
    electricity can be available in cities and villages
    but all of us are complaining.

    The government is taking its step to solve the issues in 20years time
    we could lead to unfavouable future. Even government is over thrown
    still the new leaders will act same as leaders are among us and we are
    all same in one way or other.

    I wish we can do something by ourselves rather than blaming the
    government as its useless to complain to the wall which you cant break

    Do anyone among us knows any organization out of government body which
    is not foreigners doing some investments to stablize the situation of
    pakistan? if do kindly share the info

    The people who have money and so called big giants are also not doing
    enough …. and people are breaking their own offices and homes in their
    cities only think about themselves because they are losing money….
    they never think as nation to stop the crisis by uniting rathen then
    breaking each other heads.

  2. kaami on July 22nd, 2008 @ 3:03 am

    Hasan I predicted this a long time back. The senseless movement mongers, the jihaadi zealots helped by the media and the so called intelligencia of our society managed to put this nation on a path of Hara Kirri. In 2006 we almost reached a platform from which we could have launched ahead, instead in 2007-08 we choose to jump from it.

    Election is a time when a nation opts for change or continuity. This time around it was a case of simple maths for sticking with the later, but alas a people misguided by the lot mentioned above was compelled to vote for change. The irony is that change was being expected from the tried and tested thief’s, who are not only corrupt but are incompetent + stupid – A very dangerous mix.

    Investors are like a flok of birds, they survey the topography and land one at a time. You fire a shot all of them flee simultaneously and so does the prospects of any betterment. I see no hope, this country will have to suffer and the responsible are none other than our shortsighted educated classes.

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