Enraged Pakistanis Stone Stock Exchange, Demand Government Make Stocks Go Up

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.

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