Trading resumes at PSX after record plunge led to temporary halt
The benchmark KSE-100 index had lost 15,071.01 points or 8.97% while the KSE-30 index had slid by more than 9% when trading was halted
Business Desk
The Business Desk tracks economic trends, market movements, and business developments, offering analysis of both local and global financial news.
A snapshot of trading activity at the PSX on Monday
PSX website
Trading at the Pakistan Stock Exchange (PSX) has been resumed following a one-hour halt after the market plunged by more than 9%.
The benchmark KSE-100 index lost 15,071.01 points or 8.97% to reach 152,991.15 points. Meanwhile, the KSE-30 index lost 4,835.56 points or 9.42% leading to the halt.
Under exchange rules, trading pauses for an hour if the KSE-30 moves 5% in either direction and remains in that range for five consecutive minutes.
Consequently, trading was halted at 9:22am and was resumed at 10:27am. Subsequently, the KSE-100 index recovered slightly and reached 155,727.28 points by 10:35am.
Markets across the world opened the week in the red as military strikes by the United States and Israel on Iran showed no sign of lessening, while Iran responded with missile barrages across the region, risking dragging its neighbors into the conflict.
President Donald Trump suggested to the Daily Mail the conflict could last for four more weeks, while posting that attacks would continue until U.S. objectives were met. As a result, oil prices surged more than 4% while gold climbed 2.5%, and equity markets globally reacted negatively.
Comments
See what people are discussing