12,122 - Short selling banned for one month
June 24, 2008
The new measures imposed by the SECP this morning saw the KSE-100 index soar to an all time daily gain of 960.50 points, the highest ever one day gain in the history of the Karachi Stock Exchange. The new rules will provide temporary relief from the " bleeding rectum syndrome " for most investors for the next month and help those who were stuck, to have a choice to exit the market comfortably or continue. There are already articles in print with people moaning that these are articficial measures etc. etc, but the decision was wisely taken at a time when the market could have snowballed downwards even further with margin calls and liquidity problems. While the political instabilty and indecisive governance continues, along with the threat of a further discount rate hike looming ahead, sleep peacefully with the thought that the downside is only 1% 2moro !
News : The government has scrapped the policy of fortnightly announcing oil prices and has barred the Oil and Gas Regulatory Authority (Ogra) from fixing the rates for consumers on first and 15th of each month. From July 1, 2008, any upward or downward revision in the oil prices would be made on as-and-when-needed basis… Aaj News
There is no plan to cut privatization proceeds in the year 2008-09, a Privatization Commission (PC) spokesman said Tuesday.Referring to a news item thatappeared in some section of the press about the privatization proceeds target cut by 98 percent, he said PC has been able to achieve privatization proceeds amounting to Rs 27 billion so far and not Rs 1.6 billion as reported in the said news item…. Daily Times
Upper Caps : Too many to mention !
Market Low : 11,162.17 High : 12,123.51
Market Close : 12,122.67 – 960.50 points up !!
