Advertisement
Saturday, Nov 27, 2021
Outlook.com
pakistan: business

Karachi Jalwa

The KSE was voted "best performing" for four years. Is it ready for the big league?

Karachi Jalwa
Karachi Jalwa
outlookindia.com
-0001-11-30T00:00:00+05:53

On the road where two of Karachi's tallest skyscrapers—the 26-storied Muslim Commercial Bank Towers and the 23-storied Habib Bank Plaza—are situated, adjoining the imposing headquarters of the city's police department and Pakistan's apex monetary authority, is a building that could pass off as a nondescript office. Except that this yellowish eight-floors-tall structure houses one of the fastest growing stock exchanges in the world. Every year, between 2002 and 2005, the Karachi stock exchange was adjudged the "best performing" market in the world in several surveys by internationally-reputed publications and agencies like Business Week and Bloomberg.

But the Karachi Stock Exchange (Guarantee) Ltd—to use the full, formal name of Pakistan's largest bourse—may lose its numero uno place in the current calendar year. As has happened in most emerging markets, including India, share indices at the KSE took a beating in recent months after touching a peak on April 17, 2006. On June 14, the KSE's 100-share index collapsed by 548 points, the biggest-ever single-day fall in the history of the exchange; newspapers described it as "doomsday" after the index fell to a level that had prevailed on December 30, 2005, wiping out nearly a year's gains. In three days in mid-June, the index crashed by over 10 per cent resulting in a loss of $16 billion in market capitalisation.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Uttar Pradesh: One Week On, Mystery Shrouds Death Of 3 Dalit Girls

Uttar Pradesh: One Week On, Mystery Shrouds Death Of 3 Dalit Girls

The post-mortem report said that the three girls died 'when they got crushed after coming in front of a train that was passing through'.

Farm Law Repeal Has Given New Life To The Idea Of Protest In India

Farm Law Repeal Has Given New Life To The Idea Of Protest In India

Protests help us transcend the limits that make us human. We Know we are incomplete and strive for fullness. By drawing us out of ourselves, protests do it for us.

IND Vs NZ, First Test: Ashwin Removes Young For 89

IND Vs NZ, First Test: Ashwin Removes Young For 89

It's Day 3 of the first Test at Kanpur's Green Park. Follow live cricket scores of India vs New Zealand as NZ chase IND's first innings total of 345.

‘Clock Can Be Reversed In J&K After Farm Laws Repeal’

‘Clock Can Be Reversed In J&K After Farm Laws Repeal’

Former Chief Minister and Member Parliament Dr Farooq Abdullah:'The restoration of early statehood and Article 370 is the only way forward. Otherwise, Kashmiris will continue to bleed and there will be hardly any progress in this part of the world'.

Advertisement