REACTING to the Karachi Stock Exchange move to prohibit investors from selling their shares below their closing prices of August 27, the MSCI has decided to remove Pakistan from the Emerging Markets Index effective from December 31. Needless to say, this constitutes a blow to the country's already tottering bourses and should propel the Security and Exchange Commission of Pakistan to review the decision in order to remain listed with the index. The last time the lock was applied to the minimum share price limit in 2005, it badly affected the investors, literally ruining the small investor. Besides, it is quite strange that the government should gloat over the rising price index as a manifestation of sound policies, but when the economy is in bad straits it should resort to such tactics. This is especially so when a sizeable $7.6 billion has been approved by the International Monetary Fund for Pakistan, following which the authorities ought to be concentrating on resuscitating the economy. Once the economy picks up, it would have an inevitable salutary impact on the Stock Exchange as well.