KARACHI: Sinking on the Security and Exchange Commission of Pakistan’s (SECP) proposals pertaining to the brokers’ licensing regulations, the nation’s KSE-100 index sank 500 points on Monday.
Thin volume and caution explains the investors’ sentiment at Pakistan Stock Exchange (PSX) today.
Market has no trigger point to ride north, and the SECP’s probe against brokers has intensified the drop.
According to market sources, the SECP has proposed amendments for brokers licensing regulations, which, if approved, will push brokers to convert their operations to private or public limited companies. This is the major reason why activity is low at present.
As of 12:41 PM local time, the benchmark index is trading down 419 points (0.86%) at 48,588 points. At the same time, 58.7 million shares have swapped hands in transactions worth Rs. 4.84 billion.