Biggest Financial Institution of Pakistan: Trading Session Suspended

Trading session at KSE was suspended earlier than usual today because of the non-availability of electricity from the KESC and malfunction of two of the Electrical Diesel Generators which were used as a backup. Talk about being the backbone of country’s growing economy?? KSE is the biggest financial institution in Pakistan and its a pity they did not even offer an apology to the investors at KSE. I wonder what if something happened like this at NYSE or FTSE or BSE for that matter?

10 Comments so far

  1. kidal (unregistered) on August 3rd, 2006 @ 10:02 pm

    In the NYSE, certain safety measures are in place:
    -The market will halt trading for an hour if the Dow drops 10% before 2 pm.
    -Trading will halt for two hours if there is a 20% drop in the Dow before 2 pm.
    -If the Dow drops 30%, trading is halted for the day.
    -Significant events, such as the tragedy of Sept. 11, 2001 may be cause for not opening the markets at all or closing them early to prevent a panic.

    Our emergencies are a little different and not “formalized”. But as they say S#$% happens! Dont be too hard on your country.

  2. IllusionFS (unregistered) on August 3rd, 2006 @ 10:38 pm

    yar it is the ‘Kurrta Dhurrta’ of our country. :|

  3. Saya (unregistered) on August 3rd, 2006 @ 10:46 pm

    I heard this news over the radio..and I was like its not possible, I mean may be they’re just playing the joke of the day.
    But I guess its true! *stunned*

  4. mansoor (unregistered) on August 4th, 2006 @ 12:36 am

    ouch! that is gonna hurt!

    i wonder wht sort of response will the KESC get?!

  5. Dee (unregistered) on August 4th, 2006 @ 1:14 am

    I am just wondering why cant KESC go ahead and buy electricity from other sources?.In summer, when Ontario’s consumption(Canadian Province) surpass its limit then we buy electricity from other province(Quebec) or sometimes across the border(U.S.A.).Yes, it costs more but atlease there will be a business as usual.

  6. Mubashir (unregistered) on August 4th, 2006 @ 1:34 am

    First of all keeping the trading session going is KSE’s responsibility NOT KESC’s. They should have a backup plan for all kinds of disasters including manmade, like electric or natural, like earth quakes.
    Covering manmade disasters is comparably easy like for example a backup generator could have saved the day in above mentioned situation. To me it seems like lack of planning on KSE’s behave caused the problem.

    Second to answer Dee’s remark, Canada and United states have a infrastructure in place to back each other up which some times backfires as well like couple of years back when whole New York city was under dark cause they got an electric surge from Canada and there was nothing planned to prevent such disaster.

    I think we should consider all facts before passing our judgments on any department.

  7. destituterebel (unregistered) on August 4th, 2006 @ 3:47 am

    as someone said shit happens.

  8. Inspirex (unregistered) on August 4th, 2006 @ 9:27 am

    I agree with destitute rebel.
    The KSE is a pretty efficent place if uve ever dealt with the management….
    i guess it was just too many things going wrong simultaneously…..

    Also, the KSE is not a financial institution and people dont invest at the KSE.

    people invest with and through brokerage houses subject to the rules of the KSE. Its a different scenario.

  9. Sa'ad (unregistered) on August 4th, 2006 @ 11:10 am

    I wonder what backup they have for airports in pakistan.

  10. IllusionFS (unregistered) on August 5th, 2006 @ 10:52 am

    Inspirex: My point being that people can invest in the same companies *pso/ogdc/trg* in LSE/ISE as well.

    Sa’ad: They use diesel generators as well. But I dont think they are have automatic switches, because on one occasion there was no electricity at the Airport for 5 good minutes and all operations had halted :/

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