Karachi's PSX resume operations as blaze doused

DC South Altaf Sario confirms damage to two PSX offices, assures of investigation into incident

Smoke arises from the fourth floor of the PSX building in Karachi on July 8, 2024. — Reporter
Smoke arises from the fourth floor of the PSX building in Karachi on July 8, 2024. — Reporter
  • PSX building evacuated, but reopened for public later: officials.
  • PSX administration admits material loss, rules out casualties in fire.
  • Official confirms suspension of trading from 10:25 am to 11:25am.

KARACHI: The trading at Pakistan Stock Exchange (PSX) resumed on Monday after a two-hour suspension due to a fire on the bourse's fourth floor.

Five fire tenders, one snorkel, and a browser were used in the operation to tackle the blaze, which was caused by a short circuit.

Earlier in the day, the PSX building was evacuated and trading was temporarily suspended due to the blaze only to be resumed later after the fire was brought under control.

"It is hereby informed to all TRE Certificate Holders and concerned that the trading in all securities has been temporarily suspended from 10:25 am to 11:25am today," PSX's General Manager and Chief Market Operations Officer Jawad H Hashmi said in a statement.

The official further confirmed that many of the firms are unable to access the building.

According to the PSX management, the fire erupted at around 8am and although it has resulted in some material loss, no loss of life has been reported due to the blaze.

Meanwhile, Deputy Commissioner South Altaf Sario also visited the incident site to review the rescue efforts and remarked that the blaze wasn't of a serious nature.

Speaking to Geo News, the official confirmed that two PSX offices were damaged in the blaze. However, he reassured me that the incident would be investigated after the cooling process was concluded.

The city has been witnessing scorching heat in recent weeks making electrical equipment and wiring more prone to heating up and catching fire.

The metropolis has reported multiple fire incidents in recent months. In March, a fire broke out at the old offices Saddar Passport Office destroying a vehicle and record.

Before that, at least three people had died and two got injured when a six-storey apartment building in Karachi’s FB Area near Ayesha Manzil caught fire on December 6 last year.

The blaze spread rapidly and soon engulfed the entire building comprising 250 shops and 450 apartments, creating panic among the dwellers. 

However, the building was completely evacuated within two hours, as the  Fire Department teams reached the site and acted swiftly to douse the blaze after it was reported. 

The incident prompted the then-caretaker government to issue directives to ensure the provision of fire extinguishers in all shops and buildings on an emergency basis to prevent such incidents in the future.