Following an early crash and a temporary market halt, the KSE-100 benchmark index resumed trading, recovered slightly by midday, but plunged sharply by 16,089.17 points, posting its largest-ever single-day decline. As trading began Monday following a weekend marred by geopolitical instability, the market crashed by over 15,000 points, causing the Pakistan Stock Exchange (PSX) to halt trading. According to Chief Executive Officer Topline Securities Mohammed Sohail, the “market overreacted initially amid selling by a few funds and leveraged players”. As trading resumed around 10:30am, the index was down 12,334.88 points from its previous close of 168,062.16 points, marking a fall of 7.34 per cent. Sohail added that after the halt, some buying was seen as investors realised the market had already fallen by 20pc from its recent peak and had attractive values. By 11:07am, the market recovered more, with the index down 9,164.62 points, marking a fall of 5.45pc. However, by closing the index hit 151,972.99 points, s...
The Karachi Traffic Police closed multiple roads in the city’s West and South districts on Monday, in view of the prevailing security situation. Ten people were killed in Karachi and two in Islamabad as protests erupted countrywide against the assassination of Iranian Supreme Leader Ayatollah Ali Khamenei in US-Israeli attacks. In response, law enforcement personnel resorted to teargas shelling and baton-charge to control the situation. A ban on gatherings and rallies was also extended across Sindh. A road closure alert was issued at 8:51am for both sides of the road from Sultanabad Traffic Section towards Mai Kolachi, as well as both sides of MT Khan Road, from Jinnah Bridge towards PIDC and from PIDC towards Jinnah Bridge. A map showing planned road closures and alternative traffic routes in Karachi’s West and South districts. — via Karachi Traffic Police Traffic from Jinnah Bridge was being sent towards II Chundrigar Road as an alternative route. Traffic from Boat Basin was being U-turned at Mai Kolachi Ph...