Karachi May 20 20224: All market participants are hereby informed that PSX shall gradually enhance the security wise Circuit Breakers by 0.5% on a fortnightly basis till they reach 10% level.
This is with reference to the amendments approved by the Securities and Exchange Commission of Pakistan (SECP) in clause 19.3. of the PSX regulations via their letter dated 16th May, 2024 in relation to the gradual enhancement of security wise circuit breakers.
This gradual enhancement shall start from 27th May, 2024 and shall be completed on 22 nd July, 2024. The enhancement of CBs shall be applicable to Regular, Futures and SIFC Market Symbols. No change in Square up (SQR) and FUTSQR circuit breakers at this stage. Changes in Circuit Breaker for Square up Markets shall be communicated separately (if any).
Starting from Monday, 27th May 2024, there is a schedule of circuit breaker adjustments that occur biweekly. On this date, the circuit breaker will be either 7.5% or Re. 1, whichever is higher, and a secondary rate is set at 0.50%. Two weeks later, on Monday, 10th June 2024, the primary circuit breaker increases to 8.0% or Re. 1, whichever is higher, while the secondary rate remains constant at 0.50%.
This pattern continues with subsequent adjustments: on Monday, 24th June 2024, the primary circuit breaker will be 8.5% or Re. 1, whichever is higher, with the secondary rate still at 0.50%; on Monday, 8th July 2024, the primary circuit breaker rises to 9.0% or Re. 1, whichever is higher, maintaining the secondary rate at 0.50%; and finally, on Monday, 22nd July 2024, the primary circuit breaker reaches 9.5% or Re. 1, whichever is higher, while the secondary rate remains unchanged at 0.50%. Alongside these changes, a tertiary circuit breaker is also adjusted biweekly, starting at 8.0% or Re. 1, whichever is higher, on 27th May 2024, and increasing by 0.5% every two weeks, reaching 10.0% or Re. 1, whichever is higher, by 22nd July 2024.
