PSX cuts short session due to technical fault
Official says issue has been resolved, market will resume as usual on Thursday
Stock exchange. PHOTO: AFP
KARACHI:
The Pakistan Stock Exchange (PSX) observed a shorter session on Wednesday as a technical fault in its electronic trading platform disrupted operations during the day.
Investors started observing glitches shortly after trading session began at 9.30am. The technical fault in the IT system slowed down trading as volumes shrank further to slightly over 100 million shares. As a result, the PSX management decided to halt trading post 2pm.
Stock market ends week at the lowest level for 2017
Overall, the volume on the all-share index reduced to 102.69 million shares, 28% less than 143.39 million shares traded a day earlier.
“The IT-based Risk Management System developed a fault and failed to perform properly throughout and that’s why we had to suspend the day’s session at 2:10pm,” an official told The Express Tribune.
The session was supposed to end at 3:30pm.
The official, who requested anonymity, said the fault in the Risk Management System was not allowing calculation and collection in advance the expected loss margins from investors. The fault continued to pop up after intervals and did not allow many brokers to resume trading.
The intensity of the fault can be gauged from the fact that the management avoided resuming trading the same day, which it used to do in such situations previously.
An official claimed the IT team has removed the fault and the market is set to resume its usual session on Thursday at its standard time.
SECP to probe
Weekly review: KSE-100 succumbs to political apprehensions, 1,097 points wiped off
The official said the apex regulator, the Securities and Exchange Commission of Pakistan, is expected to probe whether the fault was a result of a technical glitch or was human intervention involved.
Using the IT tools and available expertise with it, the commission may continue probe till it finds actual causes and nature of the fault.
Published in The Express Tribune, October 26th, 2017.
The Pakistan Stock Exchange (PSX) observed a shorter session on Wednesday as a technical fault in its electronic trading platform disrupted operations during the day.
Investors started observing glitches shortly after trading session began at 9.30am. The technical fault in the IT system slowed down trading as volumes shrank further to slightly over 100 million shares. As a result, the PSX management decided to halt trading post 2pm.
Stock market ends week at the lowest level for 2017
Overall, the volume on the all-share index reduced to 102.69 million shares, 28% less than 143.39 million shares traded a day earlier.
“The IT-based Risk Management System developed a fault and failed to perform properly throughout and that’s why we had to suspend the day’s session at 2:10pm,” an official told The Express Tribune.
The session was supposed to end at 3:30pm.
The official, who requested anonymity, said the fault in the Risk Management System was not allowing calculation and collection in advance the expected loss margins from investors. The fault continued to pop up after intervals and did not allow many brokers to resume trading.
The intensity of the fault can be gauged from the fact that the management avoided resuming trading the same day, which it used to do in such situations previously.
An official claimed the IT team has removed the fault and the market is set to resume its usual session on Thursday at its standard time.
SECP to probe
Weekly review: KSE-100 succumbs to political apprehensions, 1,097 points wiped off
The official said the apex regulator, the Securities and Exchange Commission of Pakistan, is expected to probe whether the fault was a result of a technical glitch or was human intervention involved.
Using the IT tools and available expertise with it, the commission may continue probe till it finds actual causes and nature of the fault.
Published in The Express Tribune, October 26th, 2017.