InfoAnda - Pakistani stocks floor removal after IMF approval

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Pakistani stocks floor removal after IMF approval Reuters - 1 hour 14 minutes ago KARACHI, Dec 3 - A floor on Pakistan's main stock index imposed in August after sharp falls will be removed after reaching understandings with the International Monetary Fund, according to a letter of intent posted on the IMF website. Stock market trading has dried up since the floor was imposed after a fall of nearly 35 percent for the year. The Karachi Stock Exchange benchmark 100-share index <.KSE> was trading flat at 9,187.10, just 43 points above the floor, in early trade. "The timing and terms under which the floor on stock prices will be removed,including any use of public funds to support the stock market, will be decided after reaching understandings with Fund staff," according to a government letter of intent posted on the IMF website. The letter also said the floor would not be removed until a stock market support fund was in place. The stock-market regulator in October approved a 20 billion rupees fund being set up by the government to support stock prices when the floor is removed. KSE Managing Director Adnan Afridi told Reuters he had yet to hear any news of the fund. The IMF approved of a loan of $7.6 billion last week to avert a balance of payments crisis and prevent the government defaulting on its international debt obligations. Pakistan got immediate access to the $3.1 billion under the 23-month facility with the rest to be phased in subject to quarterly review. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business China currency issue heating up on eve of US talksAP - 17 minutes ago Russia daily c.bank swap limit at 5 bln roublesReuters - 26 minutes ago BRIEF-Sibir proposes to buy new real estate assetsReuters - 27 minutes ago India's Hero Honda sees sales under further pressureReuters - 29 minutes ago Oil rises slightly after plunging to 3-year lowAP - 32 minutes ago Most Popular – Business Viewed Wall Street plunges as recession becomes reality Sweden to come to rescue of struggling carmakers Saab and Volvo World stocks tumble as economic fears deepen Love handles increase death risk: study Saudi king says 75 dollar oil price 'fair' View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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