Published in The Friday Times on March, 2005
At No time in history (except
perhaps before the crash of 1929) have stock prices risen so spectacularly as
in the past two months on the KSE. According to KSE chief, the surge is not
artificial. We know that no huge oil reserves have been discovered, there have
been no dramatic changes in the profitability of the PTCL. Six months ago, the
Balochistan crisis would have caused the market to plunge by at least a
thousand points. We should not forget the surges have always been followed by
steep declines. One can only pray that the small investors don't go bankrupt in
case of a crash.
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