Manipulation of stocks with SMS a cyber crime

Guest Post by Dr. Awab Alvi
In light of the recent stock market debacle the government is attempting to prevent incidents like these from happening again. Today a news report appeared in Daily Times where the usage of SMS in spreading disinformation about the stock market are deemed as a Cyber Crime and ironically the FIA has been entrusted to ensure that it does not happen in the future.

Overtly it may seem to be an interesting way to solve the panic of any future stock market debacle, but I personally see it as an odd way to solve the underlying problem. One could argue that if a simple SMS message communication to my broker to “SELL SELL SELL” can be attributed to a punishable cyber crime. Then we should hold liable all phone calls made during the stock-market-rumor-mongering period as an equally important punishable crime.

* Fundamentally I believe you cannot condemn the usage of a specific medium (in this case SMS) for its probable repercussions, instead its imperative to develop safe guards to instead hold the traders on the trading floor directly responsible for their actions which may contribute to panic. Deny all you might we all some how knew that this over inflated stock market bubble was going to burst which was all the more evident considering the miserable economic indicators within Pakistan, suffice to say it was on the cards
* Secondly I shudder to see an even more powerful FIA entrusted with dispensing the Cyber Crime law at its own free will, considering the drafted of the Cyber Crime law was shady at best as it failed to provide safe guards for the innocent.

Manipulation of stocks with SMS now a cyber crime

ISLAMABAD: Manipulation of the stock exchange market through short messaging services (SMS) from mobile phones will be treated as a cyber crime, the federal government decided on Sunday.

The Federal Investigation Agency (FIA) will deal with creating disinformation about the stock markets through SMS. The government has also directed the agency to take immediate notice of such cases in future.

The decision to bring the practice under the agency’s supervision comes in the backdrop of a major stock market decline last week, which saw small investors, the most affected by the slide, demonstrating violently outside the major exchanges at Karachi, Islamabad and Lahore.

Would anyone have a different twist to this recent development

Prime Minister First Adress to the Nation

Reference to my earlier post on this subject I was searching what the other bloggers are saying about this address of the prime minister to this poor nation. I found a very interesting blog by Nayni here  is the selection.

Important announcements are expected as PM of Pakistan is going to address the nation today. ( on the behalf of Zardari Jee)

If you want to see that “heeno meeno”on t.v then fine otherwise the following announcements are expected .

- Judiciary will be restored after “any” thirty days .

- We are happy for the fact that we ‘ve add popularity to Murree by keeping Murree declaration alive. We promise that we will always keep this declaration controversial.

- Gold is a precious metal . We acknowledge this fact so during our government It has got highest rate in Pakistan.

- We believe in freedom of expression . We give chance to people to express themselves . Yesterday’s Stock Exchange toor phoor is the example of this freedom of expression.

- We are trying to not to be isolated in the world so we all , me , zardari jee , nawaz sharif jee spend our most of the time outside the country.

-We will control inflation . When ? ..well I’m muslim . I don’t believe in predictions.

-Our government will give women their due place . We are keenly studying Kishmala Tariq’s case . If she feels comfortable tu hmari bahain khuli hain.

- Musharraf was the wicked person when we were in opposition but he is improving now . We have passed him by giving GRACE marks.

- We are your true representatives . We will EAT for you and we will DRINK for you.

- We will make Pakistan an example for the world so that West can rest here .

Bibi Zindabad

Zardari Payendabaad

1 min 1 min….. Pakistan bhi zindabad

Forex Updates

Rupee continued to make recovery against the US dollar in the open market today. The US dollar started off new day’s trading at Rs.68/50, shed major grounds and was trading at Rs.68/00 at close of markets on Thursday. Thus, rupee ended the day on upbeat note versus dollar in the kerb dealings.

Rupee comes back strongly versus dollar in the open market

Rupee continued to make recovery against the US dollar in the open market today. The US dollar started off new day’s trading at Rs.68/50, shed major grounds and was trading at Rs.68/00 at close of markets on Thursday. Thus, rupee ended the day on upbeat note versus dollar in the kerb dealings.

On the international desks, the dollar rose to a two-week high against the euro after Federal Reserve Bank of Dallas President Richard Fisher said the central bank will raise interest rates should consumers expect faster inflation.

The currency gained for a fourth day against the yen before a U.S. government report today that will probably show the economy grew at a faster pace than initially estimated last quarter. The yen fell against the Australian dollar and was near a one-month low versus the euro as stock gains encouraged the purchase of higher-yielding assets funded in the Japanese currency.

Case Against President Musharraf to Leave Army House

Case Against President Musharraf to Leave Army House

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Economic Terrorism - by Zaid Hamid

The original post published at Teath Maestro

share with you a five-part series of the talk show Brass Tacks televised on TV One, the interview is of Mr. Zaid Hamid who shares his opinions on the global banking problems in light of historical understanding. He has some strong arguments, definitely worth a listen. Your views would be interesting to read in the comments section below

Pakistan Forex Updates

Today Pakistani rupees shown a little gain as compared to the USD which was 69 as it was yesterday. However the GBP shown a little variation of up and down during the whole day and it was sold in 136.25 Pakistani rupees

Forex Updates

Pakistani currency showed a little gain against the USD today. The USD was sold in 69 Pakistani rupees today. The UK sterling  pound (£) shown a decline in the morning and then small rise and was sold at 136.35 Pakistani rupees today