New entrants seeking carry-over trade (COT) financing can avail of up to Rs 8 billion on first-cum-first served basis effective from Monday, according to a decision taken by the Karachi Stock Exchange. As the data available in the Exchange indicates, investors have availed of only Rs 4 billion in COT, as of last Friday, as most of them have liquidated their positions.
Keeping the SECP imposed cap of Rs 12 billion in place, Rs 8 billion is now available for new entrants seeking Badla financing.
In the wake of Advisor on Finance Dr Salman Shah''s meeting at the SBP on the issue, the Commissioner SECP, Shahid Ghaffar will examine the request from the KSE to enhance the cap to Rs 15 billion, thereby equating it with the financing available two weeks ago under COT when weekly phase-out commenced. The chances of SECP responding to the request before opening of the bourses on Monday are said to be slim.
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