9,184 - short selling banned
September 25, 2008
The KSE-100 index traded less an one million shares today! It seems a total waste of time to keep the market open at the moment, but at least the "floor" has been kept and will be reviewed in mid-October. Short selling has been banned for the October future contract. The market will be closed for a holiday 2moro.
News : The board of directors of Karachi Stock Exchange (KSE) on Thursday decided to keep the market floor in place, however didn’t give an exact date for its removal or further review as was practiced earlier.A statement issued by KSE after the meeting of board of directors didn’t explicitly mentioned the decision taken on market floor and just stated: “All stakeholders including KSE would like the market to return to normal trading parameters at the earliest.”…the market floor could be lifted sometime in mid of October following introduction of a fresh fund, being worked out by the government to stabilise the stock market.The size of the fund is yet to be announced, however it has been decided in principle to create this fund and it might be in the range of Rs 20 to Rs 30 billion,” sources disclosed… Daily Times
The open bidding for the sale of a minimum of 90 percent shares of Hazara Phosphate Fertilizers (Private) Limited (HPFL) here on Thursday received the highest offer of Rs 1.34 billion by the Pak American Fertilizers Limited, Lahore at the rate of Rs 70 per share for 100 percent shares… Daily Times
Market Close : 9,184.15 — 6.60 points down.
There is hardly anything worth writing about at the moment with a market that trades 9.6 million shares and moves 9 points ! Therefore unless there is some newsworthy item or an important dividend, there won’t be many posts until after Ramzan.
A lacklustre day at the Karachi Stock Exchange with only 7.6 million shares traded. It seems the market was waiting for the result of today’s meeting re: continuing the 9,144 "floor" for the KSE-100 index. Wisely, it has been granted to continue until the next review on September 25th as removing it at the moment would tear the market a new arsehole. 
