Price floor at KSE to remain intact at 9,144 level :

KARACHI: Members of the Karachi Stock Exchange have decided to keep the price floor intact at index level 9,144.However, the formal decision is to be finalized at KSE’s board meeting on Tuesday.

The KSE management had fixed a lower price cap on August 27, to arrest the meltdown in share prices and that cap was expected to be removed by September 6. However, market sources say the floor is not likely to be removed before the first week of October – and until a host of measures are taken to ensure price stability. These likely measures include a commitment by NIT to start buying through the equity market opportunity fund – while transactions such as share buy-outs are also on the cards.Market analysts say the extension in floor is going to frustrate investors – especially foreign investors who are reportedly seeking a quick exit from the market.