by Calculated Risk on 8/28/2008 12:49:00 AM
Thursday, August 28, 2008
Plunge Protection Team, Pakistan Style
From Bloomberg: Pakistan Sets Floor on Stock Prices to Stop Plunge
Pakistan set a floor for stock prices on the benchmark exchange, moving to halt a plunge that has wiped out $36.9 billion of market value since April.Ahhh ... stock prices that can only go up. That is a real PPT (Plunge Protection Team).
Securities can trade within their daily limit of 5 percent ``but not below the floor-price level'' of yesterday's close ...
This is funny, but doomed.