The searing heat of Karachi. The humidity only makes it worse. A man stands looking at the gigantic screen where the share prices are being displayed outside the stock exchange. He can walk into the air conditioned lobby but he does not have the strength or the motivation to do so. His eyes are transfixed on the price of TRG as it keeps plummeting.
He feels like he has been hoodwinked by the market but the tragedy is that he has fallen prey to two giants who are crushing the pawns that come in their path. He holds in his hand his latest portfolio of his investments. As the sweat drips from his arms, the paper is becoming as worthless as the investments that are printed on it. As the two sides wage their war, the ones who have lost the most are investors who were sold a castle of sand and glass. The castle that is coming down crumbling in front of their eyes.
The rise before the fall
TRG used to be the darling of many at the market in its past. Only four years ago, the company was considered to be an amazing investment. The share price was hovering around Rs 182 and it seemed like the company could do no wrong. The volume of shares being traded was one of the highest in the exchange and the financial results backed the market confidence as the company had just announced a cash dividend of Rs 4.4 at the end of its third quarter. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
