Karachi, The Pakistan Stock Exchange Limited (PSX) has proposed amendments to its regulations regarding the submission of annual free-float certificates by listed companies. The current requirement under PSX Regulation 5.7.2 (b)(ii) mandates that listed entities submit their annual free-float certificates, verified by an auditor, alongside their annual audited financial statements. The proposed changes aim to offer more flexibility by allowing the submission of these certificates within 120 days following the financial year's close.

This adjustment is designed to ease the operational burdens on listed companies while maintaining the integrity and transparency of market-related information. The proposed amendment does not alter the requirement for companies to enter their free-float information into the CDC free-float functionality on a quarterly basis, which is essential for the exchange to access and break down the number of free-float shares.

In compliance with Section 7(3) of the Securities Act, 2015, PSX is inviting written comments from listed companies, stakeholders, and the public regarding the proposed regulatory changes. Feedback on the proposed amendment, detailed in Annexure A, must be submitted by March 7, 2024, following the guidelines provided in the 'Guidelines for Submission of Comments.'

The rationale behind the proposed amendment is to offer listed companies additional leeway in managing their regulatory requirements without compromising the quality and timeliness of information available to investors and the market at large. The Central Depository Company (CDC) will continue to notify PSX regarding any late or non-submission of quarterly free-float information by listed companies, ensuring compliance and necessary regulatory actions as outlined in the PSX Regulations.

Karachi, The Pakistan Stock Exchange (PSE) showed positive movements in its key indices on February 29, 2024, according to the latest market report. The KSE-100 index, a barometer for market health, increased by 875.07 points, closing at 64,578.52, marking a 1.37% rise from the previous session. Other significant indices, such as the KSE-30 and the KMI-30, also saw notable increases, indicating an overall optimistic trend in the market.

The trading session ended with a total of 524 listed companies, where advancers outnumbered decliners with 188 to 161. The neutral category remained relatively small with 15 entries, contributing to a total activity count of 364 companies. The traded volume for the day was recorded at 424,043,562 shares, while the traded value stood at 17,053,527,689 PKR.

In terms of debt securities, the PSE listed 13 public and 23 private debt securities. The total issue size for publicly listed debt securities reached 70 billion PKR, whereas privately placed debt securities amassed a considerable total of 513.013 billion PKR.

The broader market saw similar upward trends with the All-Share Index increasing by 387.81 points, ending the day at 42,840.89. Sector-specific indices like the BKTi and OGTi witnessed significant gains of 1.81% and 2.24%, respectively, while the PSX-KMI All-Shares Index rose by 0.98%. The Dividend 20 index also experienced growth, closing at 25,621.82, up by 1.47%.

In terms of specialized indices, the UPP 9 and NITP GI indices saw increases of 1.22% and 2.04%, respectively. The NBPP GI, MZNPI, and JSMFI indices similarly reflected positive movements, contributing to the day's overall bullish sentiment. The ACI and JSG BKTI rounded off the notable index movements with their respective gains.

The day concluded with the HBLTTI index showing a marginal increase, ending at 13,118.23, a 0.05% rise from its previous close. This subtle movement indicates a steadier pace in the treasury bills and term deposits sector compared to the broader market volatility.

Overall, the Pakistan Stock Exchange experienced a day of positive trends across a wide spectrum of indices and sectors, reflecting a robust trading session on February 29, 2024.