Karachi: The Pakistan Stock Exchange has identified unusual movement in the price of certificates of the Popular Islamic Modaraba, known on the trading floor by the symbol "jelm." This observation aligns with the requirements set out in Section 97 of the Securities Act, 2015, and clause 5.6.3 of PSX Regulations, which mandate listed companies to respond promptly when such irregularities occur.

The PSX has noted these unusual fluctuations in the certificate price during the preceding period. Under the existing regulations, Popular Islamic Modaraba is required to disclose any relevant matters or developments that could explain the unusual movement. If no such matters are known, a statement affirming their absence must be provided to the public.

According to information available from the Pakistan Stock Exchange (PSX), listed companies are obligated to quickly disseminate any material or price-sensitive information that may influence the price or volume of their securities. This ensures transparency and informs investors and the public promptly, as outlined under PSX Regulation 5.6.1.

In response, Popular Islamic Modaraba has been advised to provide sufficient information to clarify its position concerning the unusual price movements. This should be done through the designated public communication platform, PU_CARS, in accordance with PSX Regulation 5.6.3. The disclosure is essential to maintain market integrity and investor confidence in the designated market category.