Though the default value of Karachi Stock Exchange (KSE) has always remained Bearish, KSE index of 100 shares (KSE-100) lost 700 points miserably in its first session. There was a gloom and eternal doom on the faces of shareholders, and that story was being plastered in all the financial and business joints of the country, especially in the unfortunate city of Karachi.
Billions of rupees lost in the riots which erupted after the 27th December garguantun tragedy in which former Prime Minister Benazir Bhutto was assassinated in a gun-and-bomb attack in Rawalpindi. As soon as the news broke, Karachites knew whats in the store for them for the new few days. They tried to rush to their homes, and expectedly traffic got choked on the roads of city. As the people were trying to get to the semblance of a safety of their homes, arsonits, looters, and vendetta-settlers let themselves loose.
Thousands of vehicles were torched. Hundreds upon hundreds of shops, stores, factories and industries were burned down but not before they were looted by the mobs. I cannot forget that photograph of a child who was running bare-footed after picking a bottle of jam from a store while the arsonists were starting to torch it, in Karachi. In Korangi, the arsonists were so callous they burned alive some workers of a towel factory in torching of the building.
Now when the things are somewhat returning to normal, one is wondering as why government didn’t took a preemptive measures, as soon as the news of assassination broke? Even a child in Pakistan knows the sensitivity of Karachi, and the interior Sindh, and it was rest assured that miscreants will try to play their part, yet the law enforcement agencies came so late. Thats as unfathomable as the assassination.
With utmost calm and cool, the spokespesons of regime say that though there has been a great damage, but the flexible, profound, and deep economic reforms of present government would overcome the losses in matter weeks, and nation wouldnt have to take the brunt. Joke of the new year, isnt it, though a very painful joke.
One hopes all the crunch entities both in treasury and in opposition, especially in PPP will show sagacity and statesmanship by recognizing the unprecedented dangers facing the nation and demonstrate the ability to make the sacrifices required to lead.