OT?? Pakistan Stock Market crashed - repost from GICC

greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread

"Reporting straight from the Utah Joint Information Center - I am here with Senator Bennett who has announced that the Pakistan Stock Market has crashed. His source is an independant daily Pakistani newspaper, "The Islamabad." No further word is available at this time.

-- Jennifer Bunker (Salt Lake City, Utah) (Jen@bunkergroup.com), January 01, 2000 "

Anyone else heard anything about this???

-- beckie (sunshine_horses@yahoo.com), January 01, 2000

Answers

source? link?

-- curious (sendMore@data.net), January 01, 2000.

Of course we wouldn't want any negative news to spoil Clinton's NWO party now would we? Wait til after the party to report any bad news gotta make that money.

-- notfooled (notfooled@nopolly.gom), January 01, 2000.

Gosh, and here I was thinking someone had run into it with a car.

-- CD (cdokeefe@firstva.com), January 01, 2000.

Friday December 31, 3:41 pm Eastern Time Y2K status report for Pakistan ISLAMABAD, Jan 1 (Reuters) - Below is a breakdown on how Pakistan is said to be faring on Saturday in dealing with the millennium bug in the key areas of electricity, telecommunications, water and aviation.

Electricity: State-run WAPDA utility says no problems reported.

Telecommunications: State-run Pakistan Telecommunications Co Ltd says land lines working normally. Some congestion om mobile network.

Water: No problems reported by state Y2K office.

Aviation: Civil Aviation Authority says flights normal, with foreign carrier arriving at Islamabad at midnight local time.

-- Powder (Powder47keg@aol.com), January 01, 2000.


Notice the date discrepencies in the reuters report...

-- Powder (Powder47keg@aol.com), January 01, 2000.


Sorry about forgetting the link to where I got it.

http://greenspun.com/bboard/q-and-a-fetch-msg.tcl?msg_id=002Aj2

to NO WAY - it is daytime in Pakistan right now. Here's your sign.

-- beckie (sunshine_horses@yahoo.com), January 01, 2000.


KARACHI, Dec 30: The board of directors of the Karachi Stock Exchange has decided to shut down business on Saturday in line with the world markets to avert any mathematical mishap as the threat of millennium bug is still there.

Just two weeks ago, the KSE had announced its Y2k readiness after successive mock trials to face any unforeseen technical default in its automated trading systems including the central depository and a possible loss of data.

'The prevailing scare on the world financial markets after they step in the new millennium appears to be the chief factor behind the decision of the KSE highups who earlier were inclined to defy the unseen fears', Faisal Abbas, a stock analyst said.

He says, it is pretty good to play safe as the market has already demonstrated its will how it wants to enter the new millennium after posting an increase of 2.9% in the KSE 100-share index at the last session of the century.

KSE sources said, since the Karachi Stock Exchange has been internationalized during the last about a decade and a dozen foreign funds have acquired a big stake in it, the solo flight is not possible and 'we have to abide by the rules of the game'.

Normally, during the holy month of Ramazan the stock market closes on Friday and Saturday is observed as a full working day.

In a broader context, there is, however, no fear among the brokerage houses or the investors at large about the possible threat of Y2K but it is not precisely known 'whether it is a sheer ignorance or their capacity to absorb its negative impact on stock trading', said member of the KSE.

From Dawn.com

-- jon johnson (narnia4@usa.net), January 01, 2000.


I'm really having an amusing time following the various y2k urban legends around the net....between the "IBM parts orders to NZ" and the 3 Scuds lobbed at Chechnya which became three accidentally launched nuclear missles it's been a barrel of laughs. Guess this is the next one the Doomers are clinging to.

Lets analyze what is wrong with this one:

1) There is no "Utah Joint Information Center" found in an Alta Vista search ANYWHERE on the web.

2) If there was such a place, why would they particularly care about Pakistan?

3) I'm vaguely familiar with all the English Language papers of the subcontinent and I don't recall something called the "The Islamabad" as one of them. Even the name is a bit strange, considering Islamabad is the name of the capital....be like a paper called "The Washington" instead of "The Washington Post", etc. Altavista turns up no papers of that name and none are listed on a variety of pages I turned up listing Pakistani newspapers of all languages.

4) There is no "Pakistan Stock Market." There IS an "Islamabad Stock Exchange" http://www.ise.com.pk/index2.html...

5) And, golly gee whillikers, THEY DON'T TRADE ON SATURDAY AND SUNDAY!

-- John Krempasky (johnk@dmv.com), January 01, 2000.


Brian Williams on MSNBC just confirmed this as a Y2K glitch!!

-- David Bowerman (dbowerman@blazenet.net), January 01, 2000.

http://www.frontierpost.com.pk/bus2.html

-- Nom (nom@de.plume), January 01, 2000.


ROFL...

Well, we see, as usual, there's a microscopic grain of truth to all of these urban legends....

Note that the problem happened "earlier this week." It's old news.

However, it's now being breathlessly reported all over the web as if some major stock exchange was in the middle of trading or opened up for trading today and suddenly disintegrated.

If you go to the ISE site it's pretty obvious it's a piddling little (in world financial terms)and very new exchange. It's only one of three in Pakistan, actually.

But, the doomers need their world financial collapse fantasies...

-- John Krempasky (johnk@dmv.com), January 01, 2000.


And, note the article doesn't say ANYTHING about the market not operating....

It's just that they're doing everything by hand now....

-- John Krempasky (johnk@dmv.com), January 01, 2000.


And exactly how many exchanges were up and functioning under full load during the rollover?

That's right, not many. So I'd hold on a bit before declaring victory just yet.

-- Gordon (g_gecko_69@hotmail.com), January 01, 2000.


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