If you think foreign institutional investors (FIIs) are the messiahs of the stock markets, think again. Zafar Abdullah, chief of operations at the Karachi Stock Exchange, Rehmat Ali Hasnie, Chief Operations Officer of the Lahore Stock Exchange and Muhammad Sharif, chairman of the Islamabad Stock Exchange, have a different story to tell.
When the world market was depressed after the 9/11 incident, the Karachi stock market remained unaffected. The KSE-100 rose significantly from its 9/11 level of 1,255.98 to 2,947 as on January 16, 2003.
