Monday, April 12, 2010

Three foreign banks suspend brokerage operations

Citigroup's Citibank shuttered its equity research office in Karachi, the nation's financial capital, in March. Credit Suisse Group closed its research operations in the same city earlier this year. That follows JPMorgan Chase's decision in late 2008 to suspend its brokerage operations, also in Karachi.

On a three-year chart, it looks like JP Morgan freaked-out during the crisis, and their freak-out at the end of 2008 nearly called the market bottom which came on January 23rd. The market has kept rising post the departure of Credit Suisse and Citi.
The fact that Wall St. is leaving makes us want to believe in Pakistan's rally, despite all the country's problems.


San Francisco article says that Karachi markets are rallying after Wall Street Exit

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