KARACHI, June 10: Belying the belief that in the cold calculating world of high finance, there is no place for compassion; the Karachi Stock Exchange has announced that the stockbrokers have set out to feed the hungry.

A statement released by the KSE on Wednesday stated that the brokerage community had launched the programme “Dastarkhwan”, which would initially provide 500 free meals a day to the poor, which latter would be extended to 2000 meals.

“This is a generous step to help the community and eliminate poverty from our society,” the KSE statement said. It stated that to help the community was always dear to the heart of all KSE members and participation in charitable contribution has been a part of the KSE culture. The free meals distribution had been undertaken on humanitarian grounds.

The bourse would feed the poor of under-privileged and slump localities, such as Kharadhar; New Karachi; Kemari; Lyari; Nazimabad; Orangi and Korangi.

On Wednesday, the first feast was organised at the Kakri Ground in Lyari. The KSE statement ends there.

But there would always be detractors, even when the cause is noble as that and a few people at the KSE thought that the generosity by the members, displayed more of their poverty than prosperity.“At an average of Rs50, a total of 500 meals would cost the bourse Rs25,000 and each of the 100 members, if contributing equally would have to part with Rs250 every day”. That might be scarce help to “eliminate poverty from the society”, but a stockbroker said that one must not look at the paucity of contribution, but the nobility of the initiative.

We cannot of course be expected to feed all of the hungry of the land, but we do consider it as the first step towards a righteous cause, hoping that others would follow in the footsteps,” said he.

Old timers at the market recall that decade ago, when the stock market had slipped down in the dumps with the KSE-100 index dipping to as low as 750 points, many stockbrokers had gathered at the gate of the bourse and sacrificed goats with a view to “ward off the evil spirits”.

Since April 18, this year, the KSE has lost almost 3,000 points and there looks to be no end of investors’ loss in sight. Could that have brought about the surge of sympathy for the poor and the needy? Whatever the reason, every one acknowledges the nobility of the gesture and if the KSE brokers can feed 500 hungry, why mustn’t the government take care of the rest of the population that craves for such basic necessity as food.

Free or subsidised “food cards” for the poor are believed to be one of the measures in the budget 2008-09 to be announced on Thursday. If that be the case, the KSE has been a step ahead of the government’s populist move.

And for once, the stock brokerage community should be commended for having put trading aside and concentrated on meals before the deals.