A man I know once said the stock market is just a glorified casino. I'm often inclined to believe me. How else do you explain the current bullish trend in the Karachi Stock Exchange? Conditions in the country are still the same, if not worse. The corona thing appears to have weakened, but we really don't know the truth about it. It might suddenly rear its head in a couple of weeks, after people have gotten over embracing each other this Eid. And soon we'll have days on which processions will be held, culminating in Ashura. It should be remembered that the virus was brought to Karachi by pilgrims from Iran. It's also strange that both our neighbors (Iran and India) are in the grip of the virus with thousands dead and millions infected. Yet Pakistan appears to have survived. We'll soon know the truth.
Coming back to the stock exchange, one reason could be the assurance to the business community to invest in the property sector, and blanket immunity from awkward questions like where the crooks got the money to invest. In this respect, this PTI government is not at all different from the ones who ruled over us for the preceding ten years. Now all the black money is entering the stock and property markets, without the government getting anything and big tycoons laughing all the way to the bank.
Oh well, I'm glad I withdrew all my money from the stock market twelve years back to buy the house I'm currently living in. It was the best thing I've done in my whole life. Because after I had taken my money out, the stock market and the property market slid into depression all over the world. I wonder how long the current bullish trend will last.
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