Pakistan securities markets rationality

In a good move, the Compitition Commission of Pakistan has fined the Pakistani exchanges for prohibiting prices to go below a particular index level last year in a move that drew widespread humour and sarcasm. This is a good move in turbulent times - here is the press report from Bloomberg:

March 19 (Bloomberg) -- Pakistan fined its three stock exchanges for imposing trading curbs last year, the first action by the regulator against the bourses after the restriction.

Competition Commission of Pakistan imposed a 6 million rupee ($74,626) penalty the Karachi Stock Exchange, it said in a statement yesterday. It also fined the Lahore Stock Exchange 1 million rupees and the smaller Islamabad bourse 200,000 rupees.