Traders on Wall Street aren’t know for their tranquility. Nor are they known for taking bad news well. But investors in Pakistan today, apparently determined to one-up their Wall Street counterparts, went on a rampage that would make Jim Cramer look like a coma victim.
The Karachi stock exchange suffered its 15’th consecutive day of losses today, having declined 35% since peaking in April. Pakistanis have lost $30 billion in the crash, and traders and investors took to the street today to express their outrage. Bloomberg:
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 per cent 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.
Rioters broke windows and burned shareholder statements, and after one man was injured, the police and paramilitary forces intervened to quell the revolt.