PSX seeks explanation from six firms over the unusual price traffic

KARACHI: The Pakistan Stock Exchange (PSX) on Wednesday issued notices to six listed companies, seeking explanation for unusual movement in the prices of their traded shares during the past three months.
The notices were issued to: M/s Service Fabrics Limited; M/s Soneri Bank Limited; M/s Mughal Iron & Steel Industries Limited; M/s Premium Textile Mills Limited; M/s Fazal Cloth Mills Limited; and M/s. Indus Dyeing & Manufacturing Co Limited.
The stock exchange said that listed companies are required to respond promptly by disclosing the following to the public if there are unusual movements in the price or volume of is traded securities is observed: details of any matter or development of which it is aware that is or may be relevant to the unusual movements; and a statement of the fact that it is not aware of any such matter or development.
The stock market said that while reviewing the trading data of the companies, it had been observed that the prices of the companies had experienced substantial changes during the last three months.
The PSX said that 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 stock market said that in view of above and in absence of any material announcement, the companies had been advised to furnish the reason and/or any material information in their knowledge which may have resulted in substantial decrease in price. – TLTP