PSX considers Friday’s 195 seconds trading as valid
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A total of 3,492,550 shares were traded which are 1.01% of the total traded volume of 347,496,580 shares and approximately 0.79% by value, of the trading that took place on Friday, says PSX’s press statement
KARACHI: The trading session of Pakistan Stock Exchange Limited (PSX) continued for 195 seconds on Friday, April 17, 2020, beyond the scheduled closing at 1 pm, the PSX claimed in a press release here on Sunday evening.
It said that during that additional period, a total of 3,492,550 shares were traded which are 1.01 per cent of the total traded volume of 347,496,580 shares and approximately 0.79 per cent by value, of the trading that took place on Friday.
The press release claimed that considering the small number of trades and wide market participation in the 195 seconds period post-closing hours, PSX considers the trades as valid. On Friday evening, the Exchange submitted an incident report to the Securities & Exchange Commission of Pakistan (SECP), it added.
This operational error emanated from the processes related to the upper market halt, activated at the PSX for the first time ever, the press release said adding the system required certain manual procedures that were not performed on time, partly owing to the remote work from home policy currently in place due to the lockdown situation.
As the frontline regulator, the statement said that the PSX will continue to review and investigate the matter to identify any other irregularity, as well as provide any further information required by SECP.
The press release said that the Exchange stands by its commitment to safeguard the interests of all its stakeholders and market participants. Accordingly, it is aggressively working on implementation of the new IT trading and surveillance system, which will be a state of the art system, and shall significantly mitigate against such issues in future, it added.
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