Benazir Bhutto's Asassination May Have Far Reaching Implications

Tags: India, China, Emerging Markets, Russia, BRIC
31 Dec 2:10am
Posted by flaljee
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I asked a friend who lives in Karachi, Pakistan about the state of things in his city a couple of days after the Bhutto assassination and his response gave me the chills. Please keep in mind that he lives in one of the richest areas of Karachi, a city that is the New York of Pakistan.
"factories looted! thursday everyone was stuck in traffic and their cars stoned
(people had to leave their cars on the road and run), over 2000 vehicles burned
in karachi alone, shops all over the city looted!!!buddy it was something even
we have never experienced in karachi! it put the 12th may fiasco to
shame. was caught inside National Hospital for 6hrs, doors
barricaded, ALL the cars parked outside on fire, nearby petrol pump on fire,
till rangers came and rescued them after one am! :-(driving to work today was
horrible, burnt cars on the rd (counted 5 vehicles on my route). THE COUNTRY IS
IN FREEFALL AT THE MOMENT..."

Since the readers of this blog are not here to listen to geo-political banter, I will get straight to the point. There is imminent risk in emerging markets - moreso in some emerging markets than others. We in the US consider BRIC to be safe, but something like this can just as easily happen in India or Russia. Is it even possible that the assassination of Benazir Bhutto triggered this broader market sell off in the US, where the markets have gone down pretty much every day since?

-- Faisal Laljee
Full Disclosure: I own RSX but my position can change anytime without notice

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flaljee

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