Trading in the shares of over a dozen companies listed at the Karachi Stock Exchange (KSE) has been suspended. At least 13 companies from various sectors, like textile, mutual fund, insurance, dairies, leasing etc have been under fire since September for not complying with the orders of the KSE management. AI-Mel Securities and Services Limited, Unity Moderabe, Inveetec Securities Limited, First lnvestec Modereba, Usmen Textile Mills Limited, Delta Insurance Company Limited, Sterling Insurance Company Limited, Pakistan Guarantee Insurance Company Limited, Adil Polypropyl-Ene Products Limited, Adil Textile Mills Limited, National Asset Leasing Corporation Limited, Inter Asia Leasing Company Limited and UQAB Breeding Farms Limited are the firms whose shares would not be traded for further 60 days. “The companies have not so far removed the cause of suspension of trading in their shares, the Karachi Stock Exchange in the interest of trade and public has decided that trading in the shares of these companies shall be kept suspended for a further period of 60 days,” said the KSE notices issued separately to the defiant firms. The KSE has taken action against the companies under Listing Regulation No 5(2) (ii) and Section 9(7) of the Securities and Exchange Ordinance, 1969. Through issuing notices numbering KSE/N-6102, -6103, -6104, -6105, -6106, 6107 and -6108, the authorities at the country’s largest bourse asked the said firms to remove the cause of suspension in the trading of their shares in compliance with the relevant rules. The KSE management has extended their suspension period for a further two-months to take effect verily from November 6, 7, 9, 11, 13 and 14 or until such time as the cause of suspension is removed. Such suspensions are likely to reflect adversely on the volume of traded shares at the already volumes-starved Karachi bourse that, the analysts fear, was nearing to lose its title of being Asia’s most liquid stocks market.
