How is the final closing price (Equilibrium Price) calculated?

During the closing auction session, the exchange uses a smart system to find a single fair price known as the equilibrium price where the maximum number of buyers and sellers can agree to trade.

Here is the step-by-step logic the system follows to pick that price:

1. Maximum trades (highest volume):
   The system calculates different price points and picks the one that allows the highest total number of shares to be bought and sold.
2. Lowest leftover orders (minimum imbalance):
   If two or more prices result in the exact same number of trades, the system selects the price that leaves behind the smallest difference between buyers and sellers (the fewest unmatched orders).
3. Closest to the reference price:
   If there is still a tie, the system simply chooses the price that is closest to the stock’s average price recorded between 3:00 PM and 3:15 PM (the reference price).