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SECP and KSE to set up Rs 50 billion market support fund

RECORDER REPORT

Wednesday, 9 Jul, 2008 4:31 am

KARACHI : The Securities and Exchange Commission of Pakistan (SECP) and Karachi Stock Exchange (KSE) board meeting held here on Tuesday ended with a note to form a market support fund worth Rs 50 billion with the help of the institutions.

Sources said that SECP will arrange and co-ordinate with the institutions and board of KSE will give a presentation. "If everything goes right then the fund will inject liquidity after the July 15, 2008 meeting of locks revision", they added.

Meanwhile the SECP has decided to convene a meeting of three stock exchanges on Friday, July 11. The meeting would review and assess the impact of various market stabilisation measures of temporary nature decided during a meeting held on June 23 between SECP and Board of Directors and Management of Karachi Stock Exchange.

The SECP, in its press release said that the decisions to be taken during the upcoming meeting would be disseminated to the market participants along with their date of implementation.

Copyright Business Recorder, 2008

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