Happy New Year?: Pakistan welcomes 2013 with gunfire and bhangras

At least one person killed and six people injured in Karachi celebratory firing.


Photo Mohammad Noman/web Desk December 31, 2012

As soon as the clocks struck midnight to mark the turn of the year to 2013, revellers broke out in aerial firing and dancing across Pakistan.

However, the mood quickly turned sour as the celebratory firing claimed the life of one person, and injured six others Express News reported.

The aerial firing followed after what was touted as strict measures to curb untoward incidents. This included a ban on pillion riding, ban on wheelies and the closure of the Sea View road, a popular venue for revellers and motorsport enthusiasts.

However, many of these restrictions were openly flouted as citizens chose to express themselves.

The government had retracted its earlier decision to suspend cell phone services through the evening of December 31, 2012 to the morning of January 1, 2013.

Aerial firing was reported from other cities of Pakistan too including Hyderabad and Lahore among other cities.

Many people also broke out in traditional dances, bhangra, to the beat of drums despite the cold in Islamabad.

COMMENTS (19)

Riaz Haq | 11 years ago | Reply

In spite of all the violence and poor governance, Karachi's KSE-100 index surged nearly 50% (37% in US $ terms) in 2012 to top all Asian market indices. It was followed by Bangkok's SET index which advanced 36%. It also easily beat India's Sensex index which was the top performer among BRICs with 25.19% annual gain.

A string of strong earnings announcements by Karachi Stock Exchange listed companies and the Central Bank's rate cuts helped the KSE-100 index approach 17,000 level, a gain of 49.84% (37% in US dollar terms). In spite of this run-up in KSE-100, Andrew Brudenell, manager of the HSBC Frontier Markets fund (HSFAX) in London, remains bullish on Pakistani equities, according to Barron's. Pakistan is one of the cheapest markets he follows, at about seven times earnings. He notes that earnings growth has kept pace with the market. The firms, he adds, are typically cash-rich, boast strong return on equity levels in the 20% range, and pay good dividends.

http://www.riazhaq.com/2012/12/pakistani-shares-beat-asian-and-bric.html

Asif Butt | 11 years ago | Reply

@Shalini: Thank you.

Happy new year to you too

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