Karachi, August 8, 2023 – The Pakistan Stock Exchange (PSX) has initiated an inquiry into the unusual movement in the share price of Honda Atlas Cars (Pakistan) Limited and subsequently issued a notice to the company.
The PSX has requested Honda Atlas Cars (Pakistan) Limited to provide an explanation and any relevant information within their knowledge that could clarify the substantial increase in the share price. The observed unusual movement in the share price of the company occurred during the period from July 3, 2023, to July 31, 2023.
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When irregular fluctuations in the price or volume of traded securities are detected, listed companies are mandated to take one of the following actions:
a. Provide detailed information about any relevant development or matter that could have contributed to the unusual movement.
b. Confirm that there is no known development or matter that would account for the unusual movement.
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These regulations are designed to ensure transparency and uphold the integrity of the stock market. If there exists any material or price-sensitive information that could impact market price or volume, the company is obligated to share such information with the exchange. Subsequently, the exchange disseminates this information to all market participants to level the playing field.
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The PSX’s diligent monitoring of irregular market movements and its prompt request for explanations from companies underscore its commitment to maintaining an equitable and transparent trading environment. These measures aid in preventing market manipulation, safeguarding investor interests, and ensuring that all participants have equal access to information. This approach enhances trust and confidence within the stock market.
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