Floor on share prices to go from 27th

KARACHI - The government will initiate rescue measures to reassure the confidence of investors and brokers before the removal of price floor, as the Karachi Stock Exchange (KSE) Tuesday formally announced to remove the floor on October 27.

Amidst continued recession in the stock markets, Finance Minister Naveed Qamar had advised the National Investment Trust (NIT) to get down to lay out a new market stabilization fund of Rs20 billion besides the already launched Equity Market Opportunity Fund (EMOF) worth Rs20 billion, Tariq Iqbal Khan Chairman of NIT told The Nation.

“We have completed the legal documentation and structure of the fund and are waiting to get the go-ahead from the government to launch the new market fund,” Tariq said. The Chairman NIT said that as soon as the SECP gives license to launch this fund, the fund would be launched in the market without any delay. Tariq said that the government would arrange the required investment in the new fund, while the role of NIT in this fund is only providing managerial skills.