Karachi, November 20, 2024 – Hascol Petroleum Limited on Wednesday submitted its reply to Pakistan Stock Exchange (PSX) regarding unusual movements of shares. Hascol Petroleum said that the company remains committed to promptly disclosing any material or price-sensitive information that may impact the trading price or volume of its shares, in strict compliance with the Securities Act, 2015 and PSX Regulations.
“We confirm that, to the best of our knowledge, there are no material factors, developments, or undisclosed matters known to the company that could reasonably be expected to have influenced the recent fluctuations in the price and trading volume of the company’s shares,” Hascol Petroleum said. Consequently, there is no disclosure required under the applicable regulations in this regard, the company added.
Hascol Petroleum further informed the PSX that the company is fully cognizant of its disclosure obligations under the applicable laws and regulations and will continue to comply with the same.
Earlier, PSX has issued a formal notice to Hascol Petroleum Limited, requesting an explanation regarding the unusual fluctuations in the price and volume of its shares.
The PSX took the step of notifying the company under relevant stock market regulations, which mandate that listed companies disclose any developments that may affect the trading activity of their shares. Specifically, the PSX has called on Hascol Petroleum to clarify whether there is any material or price-sensitive information that could explain the observed anomalies in share trading.
The notice stipulates that the company must disclose any relevant information or developments that could have contributed to the unusual movements. Alternatively, if there is no such information, Hascol Petroleum is required to state that it is unaware of any such matter or event.
According to the PSX, the unusual movement in Hascol Petroleum’s shares has been noted over a period of time, with both the price and trading volumes seeing significant changes. Such fluctuations are often scrutinized by regulators to ensure there is no market manipulation or undisclosed sensitive information that could unduly influence share prices.
