The Governing Board of Directors of Karachi Stock Exchange (KSE) has decided to hold a special trading session on Saturday, August 2, from 11:00 am to 12:30 pm to provide support to the market and to provide an exit to investors.
The decision was taken by the KSE board in its meetings held here on Friday evening. The meeting was also attended by leading members of KSE. The board reviewed the prevailing market situation. The market has been witnessing a declining trend for last three months and the benchmark KSE-100 index had declined by over 35 percent or 5,50.495 points from its all time high level of 15,676.34 points recorded on April 18, 2008.
According to the board decision, those members who wish to sell their securities, which are eligible in Deliverable Future, CFS and CFS MKII Markets, on their own behalf or on behalf of their clients, can offer their shares for sale by entering their offers through KSE electronic interface, which is available on NCHS terminals, by specifying the Quantity, Client Code, Scrip and separately specifying whether these positions are their Purchased Share, CFS Open Position or Future Open Position.
It is also learnt that a delegation of KSE members will meet Foreign Minister Naveed Qamar on Sunday to discuss the prevailing situation of the stock market. The delegation will also discuss about the market support fund. A KSE notice to all members issued late on Friday evening said that all transactions will be made on closing prices as on August 1, 2008 and priority will be given to offers in the following order:
CFS OPEN POSITION
DELIVERABLE FUTURE NET BUY POSITION READY DELIVERIES: All Members and financial institutions who wish to take part as buyers in the above-mentioned special trading session were asked to attend the session at Karachi Stock Exchange Board Room on Saturday August 02, 2008 at 12.30 pm.
Commitments for purchase of shares from their authorised representatives shall be matched by the exchange against the offers submitted by the sellers. All successful bids/offers will be communicated to the purchasers/sellers on Monday morning (before market opens) August 4, 2008. (Purchase-confirmation for financial institutions shall be provided through their respective brokers) All successful bids/offers will be made available for download through NCHS terminal by Monday morning ie August 4, 2008, the notice said.
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