Karachi: Dewan Automotive Engineering Limited (DAEL) responded to inquiries regarding unusual fluctuations in their stock price, as queried by the Pakistan Stock Exchange on August 20, 2024.

The company acknowledged significant volatility in their share prices during June and July of 2024, emphasizing their inability to control or explain the sharp movements in market value. According to information available from the Pakistan Stock Exchange (PSX), DAEL has maintained compliance with all regulatory requirements and has not identified any specific factors contributing to the price changes.

DAEL's management stressed their commitment to uphold corporate governance standards, particularly in the dissemination of price-sensitive information. The company has thoroughly communicated all material information to the Exchange in line with the Securities and Exchange Commission of Pakistan (SECP) regulations.

The fluctuations have raised concerns among investors about potential market manipulation. DAEL has urged the PSX to investigate the matter further to identify any underlying causes or individuals involved in the noted transactions.

Market prices for DAEL's shares appear to reflect broader sentiment among traders and investors, who base their decisions on factors best known to them. This has led to significant trading activity without clear reasons provided by the company.