SECP demands seven companies to explain stock prices

In order to protect investors from market abuse, the stock market surveillance team of the Securities and Exchange Commission of Pakistan (SECP) has sought explanation from those companies experiencing a hike in their share prices and traded volumes.

Name of Companies

1) Unity Foods (UNITY)

2) Shabbir Tiles and Ceramics Limited (STCL)

3) Fauji Foods Limited (FFL)

4) Clover Pakistan (CLOV)

5) Azgard – 9 Limited (ANL)

6) Nimir Resins Limited (NRSL)

7) Siddiqsons Tin Plate Limited (STPL)

 “Such explanation helps clarify if such a movement is attributable to the prospects of the company or it is merely based on rumors,” the SECP said in a statement.

The SECP team seeks such explanation from listed companies on an ongoing basis under Section 97 of the Securities Act 2015. This section requires the listed companies facing unusual trading activity to disclose to the general public details of any development known to the company which could explain the unusual price movement and traded volume.