Since the last few months, several letters have appeared in the Press regarding the continuous fall of Hub Power share prices yet, neither the company nor the SECP, that is supposed to be the watchdog of the small investors have given any valid explanation.
The share prices of Hub Power two years back had gone up to Rs.39 per share. Then in the last few months it has come down to Rs.22.95. This has left thousands of middle class investors in a quandary as their life savings have been wiped out. Still amazing is that if you see the graph of the Hub Power share prices you will notice that every time the share market goes up, the Hub Power share prices come down. Recently, the share market index has gone up from 9000 plus to 11459 points yet the Hub Power share prices have gone down from Rs.27 (16 February 06) to Rs.22.95 (24th March 06).
If the Hub Power and the SECP care to investigate they will find that whenever the Hub Power share prices fall, transactions of .5 million to approximately 2 million shares take place.
It will not be difficult for Hub Power and the SECP to find out who the buyers and sellers are? Who the manipulators are? Who is causing the destruction of middle class investors? Whether the Hub Power, the stockbrokers or the SECP are involved in this scam, only an independent enquiry can find out and present the facts to the middle class. The last resort for these investors is for them to appeal to the NAB to investigate this operation.