Karachi: An unexpected rise in the price of certificates for First Elite Capital Modaraba (FECM) has been observed recently, as confirmed by Crescent Modaraba Management Company Limited. The company communicated this development in response to a query from the Pakistan Stock Exchange (PSX) dated October 6, 2025.

The precise cause behind the price increase remains unidentified. However, the company suspects that the movement might be linked to the trading activities of certain directors and a significant certificate holder, which took place from June 19, 2025, to September 16, 2025. According to information available from the Pakistan Stock Exchange (PSX), the trades include sales and purchases by Mr. Muhammad Javed Amin, a Non-Executive Director, who sold 75,681 certificates and purchased 14,237 certificates. Additionally, Mrs. Shahana Javed Amin, also a Non-Executive Director, sold 63,401 certificates and bought 1,201 certificates. Meanwhile, Mr. Nauman Rathore, a substantial certificate holder, purchased 16,960 certificates.

The management has previously disclosed this information through the Pakistan Unified Corporate Action Reporting System (PUCARS), aiming to address the inquiries regarding this unusual market activity. The designated market category remains focused on the trading activities linked to these specific individuals in the Modaraba industry.