Karachi: Nazir Cotton Mills Limited (NCML) has been asked to clarify the recent unusual movements in its share prices. The PSX issued a formal notification to NCML under Section 97 of the Securities Act, 2015 and PSX Regulation 5.6.3, demanding an explanation for the significant changes observed in the trading of its shares.
According to information available from the Pakistan Stock Exchange (PSX), the PSX notice, dated September 24, 2024, indicates a keen interest in ensuring transparency and maintaining market integrity, following a pattern of trading that potentially signals undisclosed developments within the company or external factors influencing its stock. Market participants are closely monitoring the situation, awaiting a response from NCML which could shed light on the reasons behind the sharp fluctuations in their share values.
This inquiry into NCML's trading activity is part of the broader regulatory oversight responsibilities of the PSX, aimed at safeguarding investor interests and promoting fair trading practices across the board.