PSX asks firms to explain unusual trading activity

KARACHI: The Pakistan Stock Exchange (PSX) on Wednesday issued notices to six listed companies, seeking explanation for unusual movement in the prices of their traded shares during the past three months.

The notices were issued to Service Fabrics Limited; Soneri Bank Limited; Mughal Iron & Steel Industries Limited; Premium Textile Mills Limited; Fazal Cloth Mills Limited; and Indus Dyeing & Manufacturing Co Limited.

“Listed companies are required to respond promptly by disclosing the following to the public if unusual movements in the price, or volume, of traded securities are observed: details of any matter or development of which it is aware that is or may be relevant to the unusual movements; and a statement of the fact that it is not aware of any such matter or development,” the exchange said in a statement.

PSX said that while reviewing the trading data of the companies, it had been observed that the prices of companies had experienced substantial changes during the last three months.

“In case of any material/price sensitive information that is likely to affect the market price/volume, the companies are required to share the same with the exchange for its onward dissemination to all market participants,” it added.

The stock market said that in view of above and in absence of any material announcement, the companies have been advised to furnish the reason and/or any material information in their knowledge which may have resulted in substantial decrease in price.

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