Emergence

Finally the emergency was declared late evening on 3rd Nov 07, troops were deployed in the capital, broadcasting of private news channels was halt, Chief Justice removed, Constitution suspended & Key Allies of Pakistan denounced Musharraf's action but Musharraf justifies his coup (2nd time) by saying "EMERGENCY IMPOSED IN LARGER NATIONAL INTEREST". This all rounds up in support of a heavy market downfall which is likely to continue until political situation calms.

I would like to suggest that to close the Karachi Stock Exchange for a week till the political crises calms down, so to minimize the loss of Individual & Small Investors. The investors should wait until the International community again supports Musharraf's regime and continuous there trade & investment in Pakistan.

On the other hand U.S. fears hit world markets & markets in Asia and Europe slump Friday, tracking losses on Wall Street overnight as investors worry about a possible end to U.S. interest rate cuts and a slowing American economy. Oil prices reached a new record high of $96.24 a barrel in electronic trading earlier Thursday. But light, sweet crude for December settled 42 cents lower to $93.07 a barrel in afternoon trade on the New York Mercantile Exchange.

Citi shares tumbled after analysts downgraded the company's stock and added that Citigroup may have to cut its dividend in order to raise $30 billion in capital. News of the downgrade hit Citi stock and sparked fears that other major financial players were harder hit by this summer's subprime crisis than originally anticipated. Some investors worry that because the value of many of these mortgage-backed securities has not been determined, firms like Citi may have to take additional losses.

Index	Value	Change	%
DOW JONES INDUS. AVG	13,595.10	27.23	0.20%
S&P 500 INDEX	1,509.65	1.21	0.08%
NASDAQ COMPOSITE INDEX	2,810.38	15.55	0.56%
FTSE 100 INDEX	6,530.60	55.50	-0.84%
CAC 40 INDEX	5,720.42	10.50	-0.18%
DAX INDEX	7,849.49	31.36	-0.40%
NIKKEI 225	16,517.48	352.92	-2.09%
HANG SENG INDEX	30,468.34	1,024.54	-3.25%
BSE SENSEX 30 INDEX	19,976.23	251.88	1.28%
GOLD 100 OZ FUT (USD/t oz.)	808.500	14.800	1.86%
SILVER FUTURE (USD/t oz.)	14.599	0.274	1.91%
U.S. DOLLAR vs EURO	1.4498	0.0092	0.64%
NYMEX CRUDE FUTURE	95.93	2.44	2.61%