KARACHI: Pakistan’s government has decided enough is enough: the US$51bil rout in the country’s stock market since its entry into MSCI Inc’s indexes two years ago must be stopped.
Prime Minister Imran Khan’s administration is putting together a fund with contributions from banks and insurance firms to buy stocks through a state-owned asset management company, according to the regulator. The fund, proposed by brokers this month, will be similar to the one that helped stabilise the Karachi market after the 2008 financial crisis.
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