Karachi, November 20, 2024 – The Pakistan Stock Exchange (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.
On Wednesday, 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.
The PSX has reminded the company that, as per market rules, if any material information exists that could impact the price or volume of a company’s shares, it must be promptly shared with the exchange for public dissemination. This is to ensure transparency and maintain investor confidence in the market.
In its notice, the PSX has advised Hascol Petroleum to provide the relevant details regarding the unusual trading activity, including any developments that could have triggered the changes. The company has been urged to clarify the situation in order to ensure that investors and the public have access to accurate and timely information.
Hascol Petroleum, which has faced financial challenges in recent years, has yet to respond to the PSX’s notice. The company’s stock movements have raised concerns among market participants, and the exchange is closely monitoring the situation to ensure that all regulatory requirements are met.
The PSX’s action reflects its ongoing commitment to ensuring market integrity and protecting investors from any potential manipulation or misleading information. The situation is being followed closely as further updates are awaited from Hascol Petroleum.
