Pakistan Stock Exchange (PSX) Loses 2200 Points, Declines To 30,416 Points

The Pakistan Stock Exchange (PSX) Wednesday noted bearish trend as KSE 100 index closed at 30,416.05 points as compared to 32,616.93 points on the last working day with the negative change of 2200.88 points (6.75 %)

ISLAMABAD, (UrduPoint / Pakistan Point News - 18th Mar, 2020 ):The Pakistan Stock Exchange (PSX) Wednesday noted bearish trend as KSE 100 index closed at 30,416.05 points as compared to 32,616.93 points on the last working day with the negative change of 2200.88 points (6.75 %).

A total of 186,654,400 shares were traded compared to the trade 240,379,240 shares during the previous day, whereas the value of shares traded during the day stood at 5.308 billion as compared to Rs 11.294 billion during last trading day.

As many as 363 companies' transacted shares in the Stock Market Tuesday, out of which 20 recorded gain and 336 sustained losses whereas the share price of 07 companies remained unchanged.

The three top traded companies were K-Electric Ltd. with a volume of 25,474,500 shares and price per share of Rs 2.88, Bank of Punjab with a volume of 19,572,000 and price per share of Rs 8.04 and HBL Invest Fund with a volume of 9,102,000 and price per share of Rs 2.70.

Sapphire Fiber recorded maximum increase of Rs 59.62 per share, closing at Rs 868.99 while EFU Life Assr was runner up with the increase of Rs 13.02 per share, closing at Rs 193.96.

Bata (Pak) recorded maximum decrease of Rs 112.15 per share, closing at Rs 1424.76 whereas prices of Mari Petroleum decreased by Rs 76.49 per share closing at Rs 943.

41 Earlier in the morning, the market Halt was triggered for 45 minutes due to 5 percent decline in KSE-30 index at 10:17 a.m.

All the equity based derivative markets remained suspended for 45 minutes.

Pakistan Stock Exchange as a frontline regulator has introduced market halt action with approval of the Securities and Exchange Commission of Pakistan (SECP) in accordance with international best practices as a means to safeguard the interests of investors and stakeholders.

This is a standard protocol for risk management purposes which is triggered when the KSE30 index moves 4% either way and remains there for 5 consecutive minutes.

"Market halt" procedure has been introduced by PSX as a front line regulator in line with international best practices and approved by SECP in PSX regulations in December of 2019.

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.

PSX remains at the forefront of the Capital market to provide a fair, transparent, and efficient marketplace for the benefit of investors, issuers and all stakeholders.