KSE to unfreeze market floor from 15 dec 2008

Updated at: 2235 PST, Sunday, December 14, 2008

KSE to unfreeze market floor tomorrow KARACHI: Securities and Exchange Commission of Pakistan (SECP) in light of the decision of Sindh High Court has announced to remove the lower capping of stock prices at Karachi Stock Exchange (KSE) from tomorrow.

A meeting of SECP, KSE administration and National Clearing Company (NCC) was held here on Sunday.

NCC sources told Geo News that under the decision of SHC two members of KSE will not have to submit cash to settle mark to market losses on December 15 and 16. However, the requirement of paying cash margin will be binding on all other members.

It is still not clear if the decision of SHC relates to all the settlements under CFS financing or only the two members have been given some time.