Pakistan's stock market bubble has burst, with the country's
single-stock forwards market partly responsible for enabling
retail speculators to build massive leveraged long positions
that they could not settle.
The country's stock market surged some 69% in the first ten
weeks of 2005 with daily trading volumes reaching as high as
$1bn, compared to $250m last year. A heavy weighting in
oil production stocks, a stronger economy, foreign investment
and expected privatisations had sparked speculative froth in
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