Business

Trading at Pakistan Stock Exchange halted after building fire

(Bloomberg) — The Pakistan Stock Exchange resumed trading after being suspended for two hours due to a fire that broke out in the main building in Karachi early Monday.

No casualties were reported and the fire was brought under control, Farrukh Khan, managing director of the Pakistan Stock Exchange, said in a message. The exchange opened on time and then went offline between 10:30 a.m. and 12:30 p.m. local time to allow brokers to connect to backup servers.

The benchmark KSE-100 index has gained about 30% in dollar terms since the start of the year and is among the world's best performers, according to data compiled by Bloomberg. The index was up 0.5% at the close on Monday.

Trading began as scheduled, but several brokerages faced problems, said Bilal Khan, head of institutional equity sales at Arif Habib in Karachi.

The fire broke out an hour before trading was scheduled to begin and employees were not allowed to enter the building, said Humayun Javed, CEO of WE Financial Services, which has an office in the building. The fire started in one of the brokerages and did not spread, he said.

(Updated with stock closing in fourth paragraph)

Bloomberg LP 2024

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