Covid-19 scare: Trading halted for 45 minutes at PSX as shares fall 5.16 %

Trading was halted at the Pakistan Stock Exchange on Wednesday for 45 minutes as KSE-100 index fell 1,682 points soon after trading.

KSE-100 index fell 1,682 points at 10: 17 am and was trading at 30, 934-level.

The KSE-30 index fell by 6.26% in the initial hours of the trading session.

It is pertinent to note that trading has been halted at PSX for the 4th time in last two weeks and second time this week.

Article continues after this advertisement

Investors remained under selling pressure due to worsening of the situation caused by an increase in the number of coronavirus cases in Pakistan, analysts said, adding that investors also remained cautious ahead of the monetary policy announcement.

On the economic front, the country’s net Foreign Direct Investment (FDI) increased by 151pc to $289 million in February 2020 as compared to the same period last year. On a month-on-month basis, the FDI rose by 30pc. Highest investment was once again received from China, followed by Malta, UAE, Hong Kong and the Netherlands. For the third consecutive month, power sector managed to attract the most amount of investment.

Market Halt

“Market halt” procedure has been introduced by SECP in PSX regulations in December of 2019. The action triggers when the KSE-30 index moves 4 % either way and remains there for 5 consecutive minutes.

The objective of introducing market halt is to safeguard investors and market participants during volatile markets. During this halt, trading in all securities remains temporarily suspended in order to ensure a cooling off period and run a mark to market activity as a risk management measure.

 

 

More info to follow…………

- Advertisement -
- Advertisement -

Must Read

China’s Evergrande resumes work on more than 10 projects

BEIJING: China Evergrande Group said on Sunday it had resumed work on more than 10 projects in Shenzhen, Dongguan and other cities - a...