August 17, 2023 (MLN): Amid the approval of the long-Standing Staff Level Agreement (SLA) with IMF along with a series of positive news flows, the local bourse is enjoying a bullish momentum, reflected in the soaring share prices of various companies.
Investigating the matter, PSX has sought clarification from the companies for an "unusual" movement in their share prices over a specific period, spanning from June 27 to August 15, 2023.
It is noteworthy that the benchmark KSE-100 index has broken through 49,000 points for the first time in six years, currently trading at a value of 48,148.92 points.
As a result, companies listed on the PSX have been consistently benefitting.
Some Unusual Stock Price Movements from June 27 to August 15, 2023
Concerning the inquiry, 11 companies have promptly responded to the inquiry from the local bourse, which includes: Lalpir Power Limited (PSX: LPL), Agritech Limited (PSX: AGL), Escorts Investment Bank Limited (PSX: ESBL), Asim Textile Mills Limited (ASTM), Meezan Bank Limited (PSX: MEBL), Pakistan International Container (PSX: PICT), Unity Foods Limited (PSX: UNITY), Ruby Textile Mills Limited (PSX: RUBY), Saritow Spinning Mills Limited (PSX: SSML), LSE Proptech Limited (PSX: LSEPL), and Khairpur Sugar Mills Limited (PSX: KPUS).
| Symbol | 6/27/2023 | 8/15/2023 | Increase in share price |
|---|---|---|---|
| LPL | 14.95 | 31.74 | 35.55% |
| AGL | 4.34 | 6.79 | 56.45% |
| ESBL | 3.12 | 7.19 | 130.45% |
| ASTM | 4.8 | 14.12 | 194.17% |
| MEBL | 86.37 | 132.48 | 53.39% |
| PICT | 57.05 | 95.73 | 67.80% |
| UNITY | 15.63 | 26.62 | 70.31% |
| RUBY | 3.5 | 3.55 | 1.43% |
| SSML | 4.36 | 5.91 | 35.55% |
| KPUS | 219.7 | 270.07 | 22.93% |
In response, none of these companies have highlighted any material or price-sensitive information that led to an increase in their share prices.
As per PSX regulations, listed companies are required to disclose any matter or development that could be related to unusual movements in their stock prices or trading volumes.
Companies listed on the PSX are reaping the benefits of this positive trend, with many capitalizing on favorable economic news. Noteworthy among them is Lalpir Power Limited (LPL), which received a notice from the PSX on August 08 due to a substantial 35.55% surge in its share price from June 27 to the close of the month, with a closing price of Rs31.74.
Similarly, AGL caught the attention of the local bourse as its share price climbed to Rs6.79 from Rs4.34 on June 27, marking an impressive rise of approximately 56.45%.
ESBL also found itself in the spotlight as its share price experienced a noteworthy increase of 2.3x during the period spanning from June 27 to August 15, 2023. It is worth mentioning that during this same timeframe, the company received an acquisition offer from RMS (Private Limited) for up to 87.96% of ESBL shares.
Similarly, ASTM’s share price surged by 2.94x, closing at Rs14.12, yet the company in its response to PSX expressed that there was no material or price-sensitive information for the uplift.
MEBL, a major player in terms of total value on the local bourse, achieved a remarkable Profit after Tax of Rs32.92 billion in the first half of 2023 and announced a dividend of Rs4 per share. While this strong performance may have contributed to a substantial rise in its share price, the bank did not quote any price-sensitive information that might be attributed to this surge.
In addition to these, the share prices of PICT, UNITY, RUBY, and KPUS have also witnessed notable increases of 67.80%, 70.30%, 1.43%, and 22.93% respectively.
This measure taken by the PSX reflects its commitment to safeguard the rights and interests of investors.
It is worth noting movement in share price is considered unusual when it is extremely high or low compared to index movement.
Copyright Mettis Link News
Posted on: 2023-08-17T15:06:26+05:00
