Upper lock and lower lock in PSX
A stock in upper lock has risen as far as PSX allows in one day. In lower lock, it has fallen as far as it can. That limit is one of two brakes on the Pakistan Stock Exchange; the other pauses the whole market when it moves too far, too fast.
Short answer
Upper lock: a stock has reached the most it can rise in a day, 10% above the previous day's close, or Re 1 if that is wider. Lower lock: the same limit on the way down.
Market halt: if the KSE-30 index moves 5% from the previous close, PSX halts every equity market, cancels all open orders, and starts a fresh pre-open about an hour later.
The daily price limit for a stock
Each day, a stock's price is held inside a band around the previous day's closing price. The band is 10% either way, or Re 1 either way, whichever is wider. A trade outside the band is not allowed.
| Previous close | Limit used | Can trade between |
|---|---|---|
| Rs 200.00 | 10% (Rs 20.00) | Rs 180.00 and Rs 220.00 |
| Rs 45.00 | 10% (Rs 4.50) | Rs 40.50 and Rs 49.50 |
| Rs 6.00 | Re 1, because 10% is only 60 paisa | Rs 5.00 and Rs 7.00 |
The Re 1 rule matters for cheap shares. Below Rs 10, a Re 1 limit is more than 10%, so a low-priced stock can move further in percentage terms than an expensive one.
The limit has been 10% since 22 July 2024. PSX widened it from 7.5% in steps of half a percent every two weeks, starting on 27 May 2024.
What upper lock and lower lock mean
When a stock reaches the top of its band and buyers still want more than sellers will give at that price, it is said to be in an upper lock (or upper circuit). Buyers queue at the limit price and very few shares change hands. A lower lock is the same thing at the bottom of the band, with sellers queued at the limit.
A lock is not a halt. The stock can still trade at the limit price, and it can move back inside the band at any time. It simply cannot go further that day. The next day's band is worked out from the new close.
Market halts: the circuit breaker for the whole exchange
The second brake works on the whole market. PSX watches the KSE-30, its index of 30 large companies. If it moves 5% from the previous day's close, every equity market on the exchange is halted.
That happened on 9 March 2026, a day of Ramadan hours. The KSE-30 fell 5% soon after the open, and PSX halted trading at 9:22 AM. Its notice said all outstanding orders had been cancelled. A fresh pre-open began an hour later, at 10:22 AM, and trading resumed at 10:27 AM.
Two things follow for anyone with orders in the market:
- Your open orders are gone. An order cancelled by a halt does not come back by itself. If you still want it, you place it again.
- The reopening starts with a pre-open. Orders collect first and are matched before continuous trading resumes, as at the start of the day. Our guide to PSX timings explains the pre-open.
The rule works both ways. A 5% rise in the KSE-30 halts the market just as a 5% fall does.
Why the brakes exist
Both limits slow things down when prices move very fast. A price limit stops one stock from moving too far before buyers and sellers have had time to react. A market halt gives the whole market an hour to take in news before trading starts again. Neither one says where prices go next.
Quick answers
What is the upper lock limit in PSX?
The previous close plus 10%, or plus Re 1 if that is more. The lower lock is the same distance below the previous close.
Can I buy a share in upper lock?
You can place the order, but while the lock holds, trades happen only at the limit price and only when a seller agrees to sell there. Buyers queue at that price, so few shares change hands.
Does a market halt cancel my order?
Yes. In the 9 March 2026 halt, PSX cancelled every outstanding order. You place it again after the market reopens.
Which index triggers a market halt?
The KSE-30, not the KSE-100. See what the KSE-100 index is for how the indices differ.