Friday, February 10, 2012

Index 'floor' ends, KSE opens as usual

By: Our Staff Reporter | December 15, 2008, 8:41 am |

Securities and Exchange Commission of Pakistan (SECP) has lifted the Karachi Stock Exchange (KSE) index 'floor' after a lapse of agonizing three and a half months in the light of the orders of Sindh High Court (SHC) and the market is opened as usual today. SECP, KSE management and National Clearing Company (NCC) held a meeting yesterday. Sources privy to NCC told a private TV that in the light of the SHC decision the 15th and 16th December Mark-II market losses, which normally were taken in cash, would not be recovered from the KSE two members. However, KSE other members would be bound to pay the cash margin. Till now confusion prevails, whether the SHC decision was pervasive of overall settlement of the CFS financing or this related to giving moratorium to the two members only.