Stock market crash a political issue, says minister
By Our Reporter
ISLAMABAD, July 12: Information Minister Mohammad Ali Durrani has said that the March 2005 stock market crash has turned out to be a political issue and has been blown out of proportion for political gains.
“This (the market crash) is a political issue. The federal cabinet has not discussed it as it is not a public issue,” Mr Durrani said while talking to newsmen on the sidelines of a press conference on Wednesday.
He said the stock market issue was also related to those who preached the ‘charter of democracy’ and were frustrated over the popularity and good performance of the present government.
He claimed that the Pakistani stock market met all international standards and requirements and had been appreciated by international financial institutions for its ongoing reforms.
After the sugar, cement and Pakistan Steel Mills (PSM) scam, the last year’s crash of Karachi Stock Exchange (KSE) had been haunting the government.
On Monday, adviser to the prime minister claimed that small investors had not lost $13 billion in the stock market crash, as it was believed, and that the figure showed the reduction in the prices of share and market capitalisation.
