Karachi: In response to a recent inquiry by the Pakistan Stock Exchange (PSX) regarding unusual movements in its stock price, Jauharabad Sugar Mills Limited (JSML) has clarified its position. On October 4, 2024, JSML addressed the concerns raised by PSX, asserting that the recent volatility in its shares reflects the broader market trends observed over the past three months.

According to a letter from PSX dated October 1, 2024, JSML was prompted to explain the sharp fluctuations in its stock prices. The PSX notice highlighted the need for transparency under the Securities Act, 2015 and PSX Regulations, which mandate listed companies to promptly disclose any price-sensitive information or developments affecting their stock prices.

In its response, JSML stated that the general uptick in market activity has led to increased trading volumes and value across most listed companies, including JSML. The company's secretary, A. Yousuf, emphasized that JSML is not aware of any specific developments or material information within the company that could have independently triggered the observed price movements.

According to information available from the Pakistan Stock Exchange (PSX), the exchange has been vigilant in monitoring share price activities to ensure compliance with regulatory requirements. Companies like JSML are expected to report any material changes that could impact their market valuation as stipulated under the PSX Regulation 5.6.3.

JSML's communication to PSX reaffirms its commitment to regulatory compliance and transparency in its operations. The company's leadership has promised to keep the market and its investors informed should any significant developments arise.