PSX issues notices to over a dozen companies to inquire about unusual movement in share price

January 21, 2021: The Pakistan Stock Exchange, on Wednesday and Thursday, issued a series of notifications to various companies inquiring about the unusual changes in the price and volume of their shares.

According to PSX’s website, the following companies were issued notices;

  • S.S.Oil Mills Limited
  • Saritow Spinning Mills Limited
  • Rupali Polyester Limited
  • Punjab Oil Mills Limited
  • First Prudential Modaraba
  • Nimir Resins Limited
  • Pakistan Engineering Company Limited
  • Netsol Technologies Limited
  • Khurshid Spinning Mills Limited
  • Ideal Spinning Mills Limited
  • Hira Textile Mills Limited
  • Data Agro Limited
  • Cyan Limited
  • The Crescent Textile Mills Limited
  • Aisha Steel Mills Limited
  • Abddullah Shah Ghazi Sugar Mills Limited

PSX informed all the above-mentioned companies that they should provide the exchange with details of any matter or development that is or may be relevant to the unusual movements, or a statement of the fact that it is not aware of any such matter or development.

‘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 to the Exchange for its onward dissemination to all market participants’, the notice said.

‘In the absence of any material announcement of the company, it is advisable to furnish the reason and / or any material information in Company’s knowledge which may have resulted in substantial increase in price’, it added.

It is interesting to note that Mari Petroleum Limited, too, has witnessed a substantial increase in its share price over the past couple of days, without drawing the attention of PSX. The share price of the company has increased by 8.6% in 2 days, with the volume clocking in at 374,680 and 359,040 in the last 2 days as compared to an average 10-day volume of 30,866.

While no official announcement by the company has been made with regards to what may be causing this change, some of the media reports and brokerage houses reported yesterday that the Power Division has proposed to the ECC for allowing MARI to remove cap for dividend distribution, after which the stock closed at its upper circuit.

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Posted on: 2021-01-21T12:10:00+05:00