- PSX had earlier announced a temporary market halt
The Pakistan Stock Exchange (PSX) on Wednesday said that the market should resume at 2:30pm, instead of the earlier announcement of it resuming at 2:00pm.
Earlier, it announced a temporary market halt after the bourse found issues in its JADE Trading Terminal (JTT).
In a PSX notice dated October 27, 2021 sent to all the stakeholders, the bourse informed that the market will remain suspended for two hours today (Wednesday) as “there are some technical issues being identified in the JADE Trading Terminal (JTT).”
“In order to conduct a detailed review of the issues and to protect the interest of the investors, the Exchange has decided to suspend today’s trading session for 2 hours i.e. from 12:00 noon to 2:00pm,” read the notice.
It added that the bourse shall resume after 2 hours with a preopen session from 2:00pm to 2:05pm.
On Tuesday, the Pakistan Stock Brokers Association (PSBA) slammed the PSX for its "hasty decisions" after the bourse’s recently-introduced trading system went through issues for the second consecutive day.
The PSBA, calling for the restoration of the old system, also said that the financial loss, if any, will not be "the responsibility of the securities brokers/market participants".
In a letter, dated October 26, to Securities Exchange Commission of Pakistan (SECP) Chairman Aamir Khan, the PSBA said that its "members are facing difficulties in consummating transactions in the recently introduced New Trading System (NTS) by the PSX on October 25, 2021".
The bourse on Monday fully operationalised its new trading platform, DTS, after which technical issues were reported. Additionally, the issues also meant the system and market report was delayed for many hours.
Volumes have also significantly reduced with a mere 162.8 million shares changing hands on Tuesday. On Monday, a mere 165.9 million shares were traded.
The NTS replaces the Karachi Automated Trading System (KATS), which was in operation since 1997.
On Tuesday, the PSX released its day-end numbers after 9pm, which showed the KSE-100 Index decreased by another 190 points, ending at 45,227.80.