The Pakistan Stock Exchange (PSX) is looking into unusual share price movements for four listed companies: Dewan Farooque Motors Limited (DFML), Ghandhara Automobiles Limited (GAL), Standard Chartered Bank (Pakistan) Limited (SCBPL), and TPL Insurance Limited (TPLI).
PSX sent separate notices to these firms, highlighting the significant price changes observed in their shares over the past few days. The exchange noted movement in DFML, GAL, and TPLI’s share prices in recent days, while SCBPL’s activity spans from March 18 to April 15, 2024.
Since April 1, DFML shares have skyrocketed by 79.5%, reaching Rs. 29.5 per share from Rs. 16.43. GAL’s share price rose by 39.1% during the same period, reaching a high of Rs. 128.8. TPLI witnessed a 32% increase, with its share price climbing to Rs. 20. SCBPL’s data, from March 18 to April 15, shows a significant rise of approximately 60%, with the share price moving from Rs. 34.95 to a high of Rs. 56.
PSX regulations require listed companies to promptly disclose any material or price-sensitive information that could impact share price or volume through the exchange (Regulation 5.6.1). The notices emphasize this requirement.
PSX has directed all four companies to provide a clear explanation for the unusual share price movements. Alternatively, they can confirm they are unaware of any developments that might have caused such activity.
These notices reflect PSX’s commitment to transparency and ensuring investors have access to relevant information that can influence their investment decisions.