“Property” is now a sector on the PSX

Karachi: In a notice to the Pakistan Stock Exchange, the PSX announced the launch of a new “Property” sector for non-REIT real estate listed companies. The addition of this sector increases the number of sectors on the PSX to 36.

The three companies to have been placed in the “Property” sector are Javedan Corp. Ltd (JVDC) which was previously classified in the cement sector; Pace (Pak) Ltd and TPL Properties Ltd, both previously classified as miscellaneous.

The bourse claims that this addition will take the PSX closer to a better and improved reflection of the listed companies in representing relevant economic activity.

“This is an attempt to distinctly represent the important elements of real estate and construction in the Pakistan Stock Exchange”, read the notice.

It is important to note that as per Global Industry Classification Standard (GICS) standards, the norm is to title the sector as Real Estate with further sub-sections. The GICS structure consists of 11 Sectors, 24 Industry groups, 69 Industries, and 158 sub-industries.