Well it dropped from 100 billion to 40 billion quite quickly (mostly from the depreciation of PKR)...that is a precipitous drop...given pakistan foreign debt (now piled to more than 100 billion itself) is payable in USD....not PKR.mkt cap of PSX is 40bn USD as we speak
not sure how its negligible ,,
100 billion already was not really big enough given Pakistan's population...though it was something and could be grown with right policies implemented before. Now 60% essentially got wiped away as far as USD valuation is concerned.
@ziaulislam is correct....40 billion for 200+ million ppl and pressing economic requirements is near negligible. For developing country the target really should be to have market cap at least 50% of GDP and preferably close to 100% so you are adequately leveraged in theory over a year.