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Pakistan approves $247 mln stock support fund

Wed Oct 22, 2008 9:46pm EDT

KARACHI, Oct 23 (Reuters) - Pakistan's stock market regulator said it had approved a 20 billion rupee ($247 million) fund set up by the government to support share prices once a floor imposed two months ago to support the market is removed on Monday.

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The floor was placed on the Karachi Stock Exchange benchmark index at 9,144 points to provide a safety net for a market that had already lost 35 percent this year, but it has stifled trading and stopped investors from exiting at prices that could attract buyers. (Reporting by Sahar Ahmed; Editing by Jan Dahinten)

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