For the fourth time in six working days, the trading was halted at the Pakistan Stock Exchange after the KSE-30 index fell down by 5%.
On Monday, the KSE-100 index dropped down by nearly 4.58% to 34,409 points amid coronavirus fears. The panic-induced selling caused the index to nosedive over 1,651 points in early trading, which led to a halt to trading activity for nearly 45 minutes as per the new PSX rules.
External shocks due to breakout of coronavirus infections are pushing Pakistani stocks into a bear market.
Upon imposition of market halt, all equity and equity-based derivative markets got suspended.
The ‘market halt’ had been introduced by the Securities and Exchange Commission of Pakistan (SECP) in PSX regulations in December 2019. It comes into action when the KSE-30 index moves 4% either way and remains there for five consecutive minutes.
A.A.H Soomro, managing director at Khadim Ali Shah Bukhari Securities Pvt said,
“The fear is spreading faster than the virus. Investo..
Category: World
SBP Will Intervene to Stabilize the Currency & Economy: Report
The State Bank of Pakistan has stated that it is ready to take action to support financial markets in the face of the the coronavirus pandemic, reported Bloomberg.
The pandemic has led to a sell-off in the country’s bonds and has also triggered Pakistan’s net sales of $772 million in short-term rupee debt in March after eight successive months of purchases that totaled $3.1 billion.
According to the report, State Bank of Pakistan Governor Reza Baqir said in an email
The current market volatility in Pakistan is externally driven and the strengthening in the fundamentals of Pakistan’s economy that drove the improvement in Pakistan markets before the outbreak of coronavirus remains intact,” The central bank “is monitoring the situation closely and remains ready to take any actions needed to address disorderly market conditions.
The State Bank got involved on Friday, and helped the rupee to advance 0.1% after a four-day decline, according to people familiar with the matter. Global cent..
Careem’s Leadership & Colleagues Become ‘Captain for the Day’, Hit the Road to Connect with Customers & Captains
To connect and better understand the challenges of the customers and Captains, Careem’s Country General Manager along with his leadership team and colleagues took the wheels to drive around major cities across the country as Careem Captains.
The teams were excited to participate in the activity where they drove around the city and picked up rides like any other regular Captain. This gave them an opportunity to interact directly with the customers and take their feedback on the service. They also took pictures to share the experience on social media.
While Careem is focused on a mission to make the daily commute affordable and convenient for its customers, it is also trying to make life easier for its Captains. The activity not only gave the colleagues an opportunity to connect with the customers, it also provided them a first-hand experience of what it’s like to drive around the city to earn an income.
Zeeshan Hasib Baig, Country General Manager, Careem Pakistan, was delighted with ..
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