‘Govt failed to prevent stock market crash’
ISLAMABAD: Syed Naveed Qamar, member of the National Assembly (NA) and chairman of the economic co-ordination cell of the Pakistan People’s Party, has criticised the government for failing to prevent the stock market crash.
“Major players of the market and financial institutions were manipulating the artificial hype created to lure widows, pensioners and other small investors. They invested their life savings into equities only to see them swallowed away,” he said in a statement issued on Sunday. “A day did not pass when the president or his army of ministers did not gloat over the ‘boom’ in the market as a sign of economic miracles being performed by the regime.”
A stock market out of control is not only dangerous for domestic investors but also gives foreign investors the impression that we are immature, he said. nni