Pakistan Business News – Karachi Stock Exchange activities remain dull for the forth consecutive day
Wired PR News – Karachi: The trading activity at the Karachi Stock exchange lacked luster on the forth straight day. With the trading volume remaining marginally over 4.5 million shares the KSE-100 index remained stagnant at 9,183 points on the forth day of the trading at the Karachi stock exchange.
The investors preferred to stay at sideline at the floor freeze remained in place.
The adviser to the PM on finance Mr. Shaukat Tareen is due to arrive at the Karachi Stock Exchange on Friday on invitation of the Karachi Stock Exchange board of directors. The investors and traders at the stock exchange expect some important measures to be announced and a decision on the date of removal of the floor freeze is also excepted.
Shaukat Tareen had previously spoken against the decision of floor freeze. The advisor to the Prime Minister on finance, has favored restriction free trading at the stock exchanges of the country. Mr. Tareen had previously announced creation of Rs.20 billion market stabilization fund which is to be funded by National Bank of Pakistan, National Investment Trust, State Life and EOBI in equal proportion.
Additionally a cushion fund of Rs.30 billion was also announced by Mr. Shaukat Tareen to encourage foreign investors who were ready to take away with investment worth $450 million and are waiting for the moment the floor freeze is removed.
Meanwhile the Chief of MQM – Altaf Hussain also indulged himself to the affairs of the stock exchange. He expressed his displeasure on the floor freeze he pressurized stock exchange brokers to setup a 7 MQM member committee to address the situation and even addressed the gathering of KSE brokers at the residence of Mr. Aqeel Karim Dhedhi, member of the Karachi Stock Exchange.