Karachi's Stock Exchange Defies Pessimists
Volatile Pakistan does not, at first glance, seem to be attractive for those looking to invest money in a stock market. But the Karachi exchange has gained a reputation as one of the world's top performers. In recent weeks it has again been setting new highs for share prices. VOA Correspondent Steve Herman in Karachi visited the exchange which has been defying the global trend and the direction of Pakistan's economy. Most investors who follow the U.S. Dow Jones index, Japan's Nikkei or London's FTSE ("Footsie), likely pay little heed to the KSE 100. But those select issues on the Karachi Stock Exchange have been consistently outperforming those of the better-known bourses. There are 200 member seats on the floor of the Karachi exchange, Pakistan's oldest and biggest stock market. Traders execute orders on computers terminals below a huge electronic board that would not be out of place on Wall Street. The Karachi market has 650 listed companies with market capit...