9,279
September 9, 2008
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.
News : The floor mechanism set on share prices on August 27th’s closing level is most likely to be removed on October 06, 2008, sources said. The Board of Directors of the Karachi Stock Exchange held an emergent meeting here on Tuesday to review its earlier decision ….The KSE board observed that some progress had been made on providing a ‘cooling period’ to market participants, facilitating buy-back of shares by listed companies, reforming of CFS Margining System and providing institutional/liquidity support like Equity Market Opportunity Fund (EMOF) and other sources to the market… The board also decided to review progress and announce a date for removal of ‘floor’ in its meeting to be held on Thursday, September 25, 2008. Sources said that the board would give at least a seven-day notice period for removing the floor… Aaj News
Market Low : 9,265.82 High : 9,305.73
Market Close : 9,279.62 — 16.61 points down
