When they were taken tough action (as they might thought good to protect retailers) HNWI has compel to leave the market which was resulted drop and subsequently force selling of marginal portfolios.
As new change to CSE I believe it bounce back to real value soon.
Other thing is mentality of this country which can be understand easily if you count how many number of lotteries sell 7 days per week, also how many draws running for marketing of product including Banks and FM channel.
Stock Market can not be run apart from ground situation of such a lottery minded PPL.