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Pakistan stock trading suspended after tanking 6% in 5 minutes

SAMAA | - Posted: Mar 24, 2020 | Last Updated: 2 weeks ago
SAMAA |
Posted: Mar 24, 2020 | Last Updated: 2 weeks ago
Pakistan stock trading suspended after tanking 6% in 5 minutes

The Pakistan Stock Exchange suspended trading in the first five minutes of work Tuesday as it shed 1,826 points in the benchmark KSE-100.

The Security Exchange Commission of Pakistan allowed capital markets to continue operating after it conducted a mock session on Monday. Markets and banks were also to remain operational amid the coronavirus crisis that has led to a Sindh-wide lock-down.

“Banks and stock market are vital instruments of the country’s financial system,” read the SECP official statement as it announced markets were open Tuesday.

During this mock exercise, all Trading Rights Entitlement Certificate Holders were logged in from their Disaster Recovery and remote locations and successfully went through the processes of trading, clearing and settlement.

The SECP has advised the PSX to extend the duration of the market halt— trade suspension to curb market volatility—from 90 minutes to 120 minutes for the next 15 days.

The intraday market gauge KSE-100 index stands at 28,840 points. It stood above the 30,000 level when the trading ended on Friday

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