August 10, 2022 (MLN): Pakistan Stock Exchange (PSX) has launched a new sector “Property” for non-REIT real estate-related listed companies, the notice issued by PSX showed today.
The three companies which have been placed in the “Property” sector are Javedan Corp. Ltd (JVDC), Pace (Pak) Ltd (PACE), and TPL Properties Ltd (TPLP).
“This is an attempt to distinctly represent the important elements of real estate and construction in PSX”, the notice said.
The addition of this sector increases the number of sectors on PSX to 36.
The notice further stated that this addition takes PSX closer to a better and improved reflection of the listed companies in representing relevant economic activity.
Three companies which have been placed in the “Property” sector are Javedan Corporation Limited which was previously reported in the Cement sector, Pace (Pakistan) Limited, and TPL Properties Limited, which were both previously reported in the Miscellaneous sector.
Speaking at the launch of the property sector on PSX, the MD & CEO, PSX, Mr. Farrukh H. Khan, stated, “The property sector is an integral part of the national economy of Pakistan. With the recent reforms and incentives given to the sector, it is poised to grow and become an engine of growth for the economy. The recent regulatory changes carried out by SECP, particularly for REITS, mean that the property sector will become an increasingly important part of the listed and formal economy. Hence it was important to create a separate sector classification so that investors can follow and invest in the sector easily.”
He further stated, “The addition of a dedicated property sector on PSX with its constituent companies indicates the importance that PSX attaches to fully reflect the composition of Pakistan’s economy at the Stock Exchange.”
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