Stakeholders sit again today to fine-tune proposed package

Mohammad Mufazzal The stakeholders will sit again today (Sunday) to fine-tune the proposed package for rejuvenating the country's stock market and facilitating the affected investors to recover their losses as far as possible, sources said. A competent source told the FE Saturday that after fine-tuning the proposals, the stakeholders were likely to sit again with the Prime Minister before the formal announcement of the package to help bring back normalcy in the market. Meanwhile, hundreds of thousands of investors are eagerly waiting for the disclosure of the package and the outcome of the stakeholders' meeting, for the second time, with the Prime Minister. Meanwhile, the DSE general index (DGEN), on expectations about the "pro-active" package, gained 517 points in the last two trading sessions of the previous week after shedding 560 points in its first three sessions. "At Sunday's meeting, the stakeholders will give a final shape to the proposed package, prior to putting it forward to the Prime Minister," the source said. When asked whether the package would be unveiled immediately after the meeting with the Prime Minister and her approval of the same, he said the stakeholders are expecting to sit with the Prime Minister on the day to facilitate its formal announcement at the soonest. "The package will certainly be unveiled within a day or two," he said. The source was also asked whether the upcoming measures can be termed a "stimulus package". He replied: "Definitely, something special will be disclosed as the Prime Minister herself is handling the issue." The latest moves by the stakeholders came as a follow-up on the directive on November 15 last by the Prime Minister to the securities regulator to take measures required for stabilising the market. A meeting with key stakeholders for giving necessary instructions in this connection was held at the ministry of finance (MoF) on the following day. The MoF and the securities regulator had earlier put forward some 25 proposals to the Prime Minister at the time of discussing the situation, now obtaining in the market, in their first meeting with the PM on November 15 last. The Prime Minister had directed them to formulate short-, medium- and long-term measures to help bring stability in the stock market.