My favorite bit while exploring this crisis was a research report by Alfalah Securities. On 11-01-2005, they issued a daily report, titled "“PTCL revenues to get inflated by potential reversal in APC revenues provisioning in 1QFY05 (Our Sources)”.
The report claimed that Al-Falah Securities has sources in PTCL, and as per those sources, PTCL revenues are to increase due to non-incorporation of certain adjustments, allowed in the rules released by Ministry of Telecommunication). 😂😂
What a wild f***ng market. They straight up told clients "hey we have some insider information. BUY". On top of that,SECP found that a day before,they had already loaded up on PTCL shares. So not only they brazenly traded on insider info, they also front ran their clients.😂😂
Well atleast SECP investigated, and fined them for *checks docs* a grand total of Rs.172k.

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More from @UmarJatoi10

24 Oct
In March, 2005, #KSE100 dropped ~30% in a matter of two weeks. There were allegations of gross manipulation by brokers, and a taskforce constituted to probe the matter discovered many manipulative practices, some still relevant today, which I thought I would detail here in a🧵
2/ KSE100 went from 10,500 on 16th march to 7,500 on 16th April, 2005. Media,and protestors infront of KSE office,started demanding inquiry into the huge and sudden drop. Under public pressure,SECP set up a Taskforce on 12-04-2005 to investigate the developments in #StockMarket.
3/ Context was that KSE100 had experienced a steady bull run from 2002 to 2004. This was because interest rates had come down from 13% to 7%; there was increased liquidity due to higher remittances; corporate performance was improving;
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