The board of directors of Karachi Stock Exchange (KSE) in its meeting on Tuesday decided to end 'odd-lot trading' system, and to amend the regulations of short selling. The KSE board also decided to change Friday's trading timings, according to which the first session will be from 9:30 am to 1:00 pm, and the second session will be from 3:00 pm to 4:30 pm.
Trading timings for the remaining days of the week would be as usual, from 9:30 am to 3:30 pm. The board formed a three-member committee to decide the issue of the sale of a membership card of a broker. The committee, comprising Adnan Afridi, MD Karachi Stock Exchange and two directors including Ghani Haji Usman and Amin Yousuf, will look into the matter and will decide how to settle the issue, a director told Business Recorder after the meeting.
The said KSE broker has requested to sell his membership card to pay outstanding amounts to his clients/investors. The board also decided to amend the Regulations of Short Selling before introducing a new product namely 'Securities Landing and Borrowing' (SLB). The KSE has planned to introduce new products, including SLB, after discontinuation of CFS Mk-II. The board also decided to end the 'odd-lot trading' system at the stock exchange in the next couple of months.