Pakistan stock market institutes “No Loss Sale Rule”

They are calling it a ‘floor’:

Pakistan set a floor for stock prices on the benchmark exchange, moving to halt a plunge that has wiped out $36.9 billion of market value since April.

Securities can trade within their daily limit of 5 percent “but not below the floor-price level” of yesterday’s close, the exchange said on its Web site, without giving details.

Stocks can no longer go down – it’s the “No Loss Sale Rule“, and not so cleverly disguised. Imagine the order imbalance that would occur in a real marketplace!