ECC approves establishment of Stock Market Support Fund
Last updated on: 30 May,2019 05:17 pm
The market support funds have been established for three years
ISLAMABAD (Dunya News) – Economic Coordination Committee (ECC) of the Cabinet on Thursday has given approval for Stock Market Support Fund, Duna News reported.
The meeting was presided over by Adviser on Finance Abdul Hafeez Shaikh.
According to Dunya News, State Enterprises Fund and Equity Market Fund would be established to support market, while the National Investment Trust would manage the funds.
The State Enterprises Fund would be worth Rs20 billion, while Equity Market Fund would be worth Rs5 billion.
Sources said that the market support funds have been established for three years and the State Enterprises Fund would only be used to purchase shares of government institutions, while the Equity Market Fund would be utilized for sale and purchase of private companies.
The shares purchased through the funds would be sold at suitable time. National Bank of Pakistan (NBP), State Life, EOBI and National Insurance Company will invest in market.