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Pakistan extends curbs as stocks fall
Pakistan extended an August curb on equity trading as concern grows that an end to the limits may cause the benchmark KSE 100 Index to plunge anew after the Karachi Stock Exchange lost a third of its value this year.
- Bloomberg
- Published: 22:31 September 9, 2008
Islamabad: Pakistan extended an August curb on equity trading as concern grows that an end to the limits may cause the benchmark KSE 100 Index to plunge anew after the Karachi Stock Exchange lost a third of its value this year.
The board will meet again on September 25 and review the curbs, Dawood Jan Mohammad, a board member said by telephone from Karachi on Tuesday.
Optimistic
The exchange's 200 brokers yesterday recommended the board maintain a freeze that prevents stocks from falling below their August 27 closing price.
"I hope the market will improve by then," Muhammed said after a meeting of the board. "Till then the curbs will stay."
The KSE100 Index declined 16.61 points, or 0.2 per cent, to 9,279.62. The index dropped for a second day since the limit was introduced August 28.
The freeze along with a bailout of individual investors in July and an emergency stock-buying fund set up last month have all failed to halt the benchmark index's 32 per cent slump this year.
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