KARACHI, Oct 14: Managing Director of the Karachi Stock Exchange, Moin M. Fudda held separate meetings with the Adviser to the Finance Minister Dr Salman Shah and Minister of State for Finance Mr Omer Ayub Khan in Islamabad , said a KSE press release issued on Thursday.

It stated that during the meetings Fudda briefed them about the capital market and reforms initiated and implemented by the SECP as well as by the Exchange. Mr Fudda observed that in the five years of President Musharraf's government, i.e from October 12, 1999 to October 12, 2004, the KSE-100 index had shot up by 332 per cent, from 1257 points to 5421 points. During this period Market Capitalization had also multiplied four times from $6 billion to $26 billion.

Fudda attributed the performance of the KSE to economic policies initiated and implemented by the economic team led by Shaukat Aziz. The adviser and minister of state extended their full co-operation and support for improvement and progress of the capital market, the KSE statement said.

Meanwhile, in another notice, the KSE stated that there would not be a second session of trading on Friday October 15. This was said to have been decided in view of possible sighting of the moon for the holy month of Ramazan on Friday.

The decision to close the second session had been taken for "facilitating market participants to perform prayer/traveeh," the KSE statement said and gave out the following schedule for KATS and office timings to be observed that day only.

PRE-OPENING: 9:15 a.m to 9:30 a.m; Opening 9:30 a.m to 12:00 noon. Closing: 12:00 noon. COT Release: 11:30 p.m to 12:30 p.m. COT Timings: 2:15. p.m to 3:15 p.m and Office Timings: 9:15 a.m to 4:00 p.m. "The timings for regular trading during the holy month of Ramazan have already been notified vide our Notice No. KSE/N-5098 dated October 7, 2004," the KSE stated.