KSE seeks govt guarantee to bear losses

Those, who closely watch the market, termed the main proposals of the KSE Board as impracticable in view of the sinking economy of the country and stated that government is not in a position to accept such type of proposals even in the situation when it is facing worst economic crisis.

Sources observed the motive behind this meeting was to chalk out strategies to avert any free fall in the market, which is being highly expected to be occurred after the unfreeze, in this regard the board was doing its utmost to seek any package from the government side to reassure the confidence of battered investors before removing floor who are already confused whether to deposit more money in the account or sell off some of their assets.

Monitoring Desk adds: Securities and Exchange Commission of Pakistan (SECP) has directed Karachi Stock Exchange to immediately remove the share prices floor at the level of 9,144 points. The directives came at the meeting of SECP and KSE, reports a private TV channel.

The meeting reviewed the removing of the 100 Index floor in the absence of sufficient liquidity in the market.

Director KSE told the channel that the decision regarding removal of floor will be taken after October 15.