PSX Issues Notice to 4 Listed Firms On Unusual Share Price Movement

The Pakistan Stock Exchange (PSX) on Monday issued notices to four listed companies to explain the unusual movement in their share prices. The main bourse issued notices to Dewan Farooque Motors Limited (PSX: DFML), Ghandhara Automobiles Limited (PSX: GAL), Standard Chartered Bank (Pakistan) Limited (PSX: SCBPL) and TPL Insurance Limited (PSX: TPLI). In four separate notices to the aforementioned firms, PSX said it observed unusual movement in the share prices of DFML, GAL, and TPLI in the past few days, while similar activity was observed in the share price of SCBPL between March 18, 2024, and April 15, 2024. Since 1 April 2024, DFML shares have surged 79.5 percent from Rs. 16.43 to Rs. 29.5 per share on April 23. During the same period, GAL’s share price gained 39.1 percent to peak at Rs. 128.8 while TPLI rose 32 percent to Rs. 20 per share today. Meanwhile, SCBPL’s share price went up by Rs. 21.05 (~60 percent) from Rs. 34.95 to as high as Rs. 56 between March 18 and April 15, data on the PSX portal showed. “In case of any material/price-sensitive information that is likely to affect the price or volume of the shares, listed companies are required to promptly disseminate the information through PSX for its onward dissemination to the public as stipulated under the PSX Regulation 5.6.1,” the notices said. The main bourse directed all firms to furnish sufficient information in order to clarify their positions which may have resulted in unusual movement in their share prices, or to disclose a statement of the fact that they are not aware of any such matter of development.