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Markets

Trading at PSX disrupted after fire incident

  • PSX notice had earlier stated that trading would resume at 11:25am
Published July 8, 2024

Trading resumed after being suspended for nearly two hours at the Pakistan Stock Exchange (PSX) as fire broke out at the fourth floor of the main exchange building in Karachi on Monday.

The market saw a suspension for about two hours, from 10:25am till 12:30pm, after fire broke out at the main building where several brokerage houses have their offices.

Building housing brokerage houses suffers ‘limited damage’, says PSX after fire incident

In its second notice on the subject, PSX informed “that the situation is under control and brokerage firms’ staff has started getting back to their premises”.

“To ensure smooth reopening of the market for all concerned, the temporary suspension in trading in all securities has been further extended till 12:25 pm today,” it said.

Earlier, the PSX had said trading in all securities has been temporarily suspended from 10:25 am to 11:25 am, due to the fire that broke out in the brokerage firm’s office in the PSX building.

“Due to this incident, many of the firms are unable to access the building,” it added.

However, even at 11:35am, trading activity remained suspended with market talk suggesting another delay of around an hour.

Earlier, at 10:25am, before the suspension of trading, the benchmark KSE-100 was hovering at 80,240.83, an increase of 28.04 points or 0.03%.

Despite disrupted session, KSE-100 settles at new record high

Fire incident

A senior official at the PSX had informed Business Recorder that four fire brigades reached the exchange and were managing the situation.

“The fourth floor consists of brokerage houses, however, the situation remains under control.

“However, at the moment it is difficult to ascertain the cause of the fire,” he added.

In an email sent to clients by a brokerage house, and reviewed by Business Recorder, it was stated that loss of connectivity was being experienced as well.

“Due to a fire incident in Pakistan Stock Exchange building we have lost our connectivity with the exchange,” said a brokerage house to its clients via email.

“Our IT team is working their utmost best to restore the connection.”

In 2018, a fire broke out in rooftop of PSX Broker’s building, which was managed through PSX’s firefighting system within 40 minutes without hampering the Trading and Clearing Operations of the Exchange.

Comments

200 characters
Arif Jul 08, 2024 11:35am
On Friday the CEO resigned and on Monday fire in the building......hmm
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syed badshah Jul 08, 2024 12:04pm
A fire will not and will not cause any damage to the customer's facilities.
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Ghulam Murtaza Jul 08, 2024 07:50pm
Mujhy ppp party joine karni h
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