Stocks Observer. com

The Karachi stock market witnessed a sluggish trading session on the first day of the week Monday as investors went for selling activities in across the board stocks after the ‘floor’ was lifted, analysts said.They said after three and a half month half months the index floor was removed and the index lost 370 points as the market opened without funds to bailout the capital market while investor’s were concerned over falling sentiments on probable broker defaults and awaited Sindh High Court’s decision regarding outstanding CFS position. The Karachi Stock Exchange (KSE) 100-share index shed a massive 370.00 points to close at 8,817.10 points as compared with 9,187.10 points traded in the previous session. The KSE 30 index lost 493.53 points and closed at 9,434.80 points as compared to 9,928.33 points of the previous session. KMI 30 index also declined by 540.50 points and closed at 10,683.68 points as against 11,224.18 points of the previous session. The market turnover made substantia

A division bench of Sindh High Court (SHC) Monday issued notices to all the three bourses, National Clearing Company of Pakistan Limited (NCCPL), Securities and exchange commission of Pakistan (SECP) and the finance ministry on two identical petitions filed by United Bank Limited (UBL) and IGI Investment Banks Limited challenging the impugned directives of NCCPL. The petitioners claimed in the petitions that NCCPL (respondent no 2) has developed and established an automated platform under the name and style of Continuous Funding System Market. This system is referred to as CFS Mark-II aimed to provide funds to members of all three stock exchanges in Pakistan on a centralised basis along with comprehensive risk management.The petitions said the CFS Mark II System is designed to provide financing to brokers and their clients to purchase securities. Such funding is arranged by NCCPL by raising finances from CFS Financiers such as the Petitioner.The petitioners have challenged the of impug