PSX gives three-minute extra, SECP should investigate
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Market volume jumped from 200,619 to 239,273 in just two and half minutes
KARACHI: The investors have asked the Securities and Exchange Commission of Pakistan (SECP) to probe why management of Pakistan Stock Exchange (PSX) has given three extra minutes for trading on Friday.
The trading at PSX closed at 13:03 instead of closing at 13:00 on Friday (yesterday).
According to the investors, the news about the sharp decline in crude oil came and it had direct impact on the shares of Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL). “The notion that allowing market to operate beyond official close time may have helped few to either exit or profit inaptly,” an investor of PSX said.
During the said period, the investors said, the market volume jumped from 200,619 to 239,273 in just two and half minutes.
Legally, trades having time stamp beyond 1:00 pm, should be cancelled or otherwise may get challenged, the investors demanded.
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