After an excellent start of 2008 for the Pakistani stock market, with an stock exchage index near about 16,000 until march 2008, globalization begins to affect KSE100 index in Karachi starting in March and April 2008 a clear and severe bear market. Apart from national companies such as oil company in Pakistan with 15% of the weight of the index, other companies are pakistanies subsidiaries of large multinationals such as Nestle, Colgate Pakistan or Pakistan Lafarge Cement.