PSX trading hours, Friday timing and circuit breakers

Why this page does not list exact times

The Pakistan Stock Exchange (PSX) sets its own trading hours and price-limit rules. It changes them from time to time, for example for Ramadan, public holidays or a regulatory decision. A copied timetable can go out of date without warning.

So this page explains how the schedule and the limits work. For the exact current times and thresholds, use the official PSX website and check the date on the notice you read. Your broker's trading terminal will also show which session is open.

Trading in listed securities and commodities is supervised by the Securities and Exchange Commission of Pakistan (SECP), with trading in listed securities and commodities only via SECP-licensed securities and futures brokers. Per the SECP, lists of licensed brokers are on the PSX and PMEX websites.

How a PSX trading day is structured

Most stock exchanges, PSX included, split the day into separate phases, each with its own order rules.

Order book: the list of all buy and sell orders waiting at each price. In continuous trading, a new order is matched against it right away if a matching price exists.

PSX market timings on Friday

Many Pakistani offices arrange Friday around Jumma prayers, so traders often search for PSX Friday timings separately. PSX publishes its Friday schedule on its own. Do not assume it matches the other weekdays. Check the Friday line of the current PSX timetable, especially in Ramadan, when the whole week's schedule may change.

Holidays and special sessions

PSX is closed on announced public holidays. It publishes a holiday calendar and notices for any change. Bank holidays can also affect settlement, the transfer of shares and money after a trade, even on days when trading is open. See Settlement cycle for how that works.

PSX upper and lower limits (price bands)

A price limit, also called a price band or circuit, is the highest and lowest price at which a share can trade during the day. It is measured from a reference price, usually the previous close.

• Upper limit (upper lock / upper circuit): the share has reached the top of its band. Buyers may be queued with few or no sellers.
• Lower limit (lower lock / lower circuit): the share has reached the bottom of its band. Sellers may be queued with few or no buyers.

What a lock means in practice:

• If a share is locked at its lower limit, you may not be able to sell it at all that day, even with a market order.
• Your order joins a queue. It fills only if someone takes the other side at the limit price.
• The next day the band is recalculated from the new reference price, so the fall or rise can continue.

PSX decides the width of the bands and which securities they apply to. Some instruments may follow different rules. Check the current PSX rulebook or notices for the exact figures.

PSX circuit breaker (market-wide halt)

A market-wide circuit breaker stops trading on the whole exchange when the benchmark index moves by a set amount within a session. The pause gives participants time to absorb news, and lets orders build up before trading restarts.

Points to check in the current PSX rules:

• which index triggers the halt
• the size of the move that triggers it
• how long the halt lasts
• how trading restarts (often through a fresh order-collection phase)
• whether a halt late in the day ends trading for that day

The exchange or the regulator can also halt a single security, for example pending a company announcement. These halts appear as PSX notices.

What this means for your orders

• Place orders only while the session that accepts them is open. Ask your broker how orders entered outside hours are treated.
• A stop-loss order does not guarantee an exit. In a lower lock or a halt, there may be no buyer at your price.
• Price limits slow a move but do not stop losses. Shares can fall over several days in a row, and you can lose part or all of the money you invest.

For position sizing and exits, see Risk management. For terms, see the Trading glossary.

Where to check official information

• PSX website: trading hours, Friday and Ramadan timings, holiday calendar, price-limit and circuit-breaker rules, notices on halts.
• SECP: regulation of brokers and markets. Use only licensed brokers. See Law and regulators.
• Your broker: how their system handles orders before the open, during halts and at limits.

Related reading: PSX basics, PSX explained, Open trading account, CDC accounts.

Frequently asked questions

What are the PSX trading hours today?

Check the current timetable on the official PSX website. PSX can change hours for Ramadan, holidays or by notice, so a timetable copied from elsewhere may be outdated.

Are PSX market timings different on Friday?

PSX publishes a separate Friday schedule. Check the Friday line of the current timetable rather than assuming it matches other weekdays.

What does "upper lock" or "lower lock" mean?

The share has reached the highest or lowest price allowed for that day. Trading continues only at that price, and only if buyers and sellers meet there.

Can I sell a share stuck at its lower limit?

You can place a sell order, but it fills only if a buyer appears at the limit price. On heavy selling days, many orders stay unfilled.

What happens when the PSX circuit breaker triggers?

Trading on the whole market pauses for a period set in PSX rules, then restarts in the way those rules describe. Check PSX notices for the current thresholds and halt length.

Who regulates PSX brokers?

The Securities and Exchange Commission of Pakistan (SECP), with trading in listed securities and commodities only via SECP-licensed securities and futures brokers. Lists of licensed brokers are on the PSX and PMEX websites.