11,162
June 23, 2008
The KSE-100 index got reamed again today and fell another 493 points down to 11,192. The last time the market closed at these levels was March 19th 2007. Fortunately some measures have finally been taken to support the market as of 2moro. While it may be a liitle too late for some, these measures should stabilize the market in a few days and there should be a big pullback 2moro. For all you shorters (people who go short )out there, the joyride is over, at least for the moment ! See the article below.
At least some progress has been made on the political front, as the LHC has declared the stupidest fucking politician in the history of Pakistan as ineligible for running for a seat in Parliament in the upcoming by-elections.
News : The Securities and Exchange Commission Pakistan has taken a series of rescue measures aimed to pull the stock market from its recent and persistent downward spiral.
The regulator has decided to impose a ban on the short selling of July Future contracts - while a Market Stability Fund to the tune of 30 billion rupees is also being set up to pump fresh liquidity .In another move, lower circuit limits applied to check price volatility has been reduced to 1 percent of the stock’s opening value – whereas upper cap has been extended to 10 percent. The regulator has also allowed bank guarantees to be used as a support for leverage positions, in addition to the existing requirement of cash margins… The News
Lower Caps : Too many to mention !
Market Low : 11,134.85 High : 11,686.35
Market Close : 11,162.17 – 493.11 points down
