Karachi, August 8, 2023 – The Pakistan Stock Exchange (PSX) has taken notice of an unusual movement in the share price of Meezan Bank Limited (MEBL) and subsequently issued a notice to the bank.
The PSX has directed Meezan Bank to provide an explanation and any relevant information within the bank’s knowledge that could explain the substantial increase in the share price. The unusual movement in the share price of MEBL was observed during the period from July 3, 2023, to July 31, 2023.
READ MORE: President Alvi Directs UBL to Refund Defrauded Amount and Address Online Fraud Concerns
When unusual movement in the price or volume of traded securities is detected, companies listed on the stock exchange are required to either:
a. Provide details of any relevant matter or development that may have contributed to the unusual movement.
b. Confirm that there is no known matter or development that would explain the unusual movement.
READ MORE: Aga Khan Fund Expresses Interest to Acquire HBL Shares Amounting Rs 3.47 Billion
This practice ensures transparency and maintains the integrity of the stock market. If there is any material or price-sensitive information that could impact the market price or volume, the company is obligated to share that information with the exchange. The exchange then disseminates this information to all market participants to ensure a level playing field.
READ MORE: SBP Bolsters Consumer Protection Efforts with New Departments
The PSX’s vigilance in monitoring unusual market movements and promptly seeking explanations from companies reflects its commitment to maintaining a fair and transparent trading environment. Such measures help prevent market manipulation, protect investors, and ensure that all participants have access to the same information, thus fostering trust and confidence in the stock market.
READ MORE: Pakistan Extends Interbank Dollar Purchases for Card Payments
