The Pakistan Stock Exchange Limited (PSX) has officially announced that it will not be operational on Friday, September 29, 2023. The closure is in observance of the Islamic holiday, Eid Milad Un Nabi, which marks the birth of the Holy Prophet (PBUH). This announcement was made public on Monday, September 18, 2023.
Eid Milad Un Nabi is celebrated on the 12th of Rabi-ul-Awwal in the Islamic calendar and is an event for Muslims worldwide. It is customary for businesses and institutions in Muslim-majority countries like Pakistan to close in honor of this day.
The PSX issued a notification stating, “All TRE Certificate Holders, Staff, and concerned are hereby informed that Pakistan Stock Exchange Limited will remain closed on Friday, September 29, 2023, on account of (12th Rabi ul Awwal Eid Milad un Nabi.” This notice ensures that all stakeholders, including certificate holders and staff, are aware of the closure and can plan their activities accordingly.
The PSX is a vital institution in Pakistan’s financial landscape, facilitating the buying and selling of securities such as stocks and bonds. Its operations are crucial for both domestic and international investors interested in Pakistan’s market. Therefore, announcements like these are essential to keep all relevant parties informed and maintain smooth functioning in the financial sector.
This one-day closure aligns with the PSX’s practice of observing national and religious holidays. Regular operations are expected to resume after the holiday.