UNUSUAL MOVEMENT IN PRICE OF THE SHARES OF MIS NAZIR COTTON MILLS LIMITED (NCML)

Lahore: In response to an inquiry from the Pakistan Stock Exchange (PSX) concerning the notable rise in the share price of Mis Nazir Cotton Mills Limited (NCML), the company has declared that it has no explanation for this unusual activity.

On July 10, 2024, the PSX issued a formal request to NCML to clarify the unexpected increase in its stock value, citing Clause 5.6.3 of PSX Regulations and Section 97 of the Securities Act, 2015. The exchange’s interest was piqued by movements that deviated significantly from usual market trends, prompting a demand for an analysis or justification under the regulatory framework aimed at ensuring transparency and fairness in the market.

According to information available from the Pakistan Stock Exchange (PSX), the inquiry was a part of standard regulatory procedures to guard against irregular market activities that could affect investor trust and market stability. In a formal communication to PSX, NCML stated, “We have no means to address the issue of movement in share price of the Company.” Furthermore, the company emphasized its commitment to legal norms, asserting, “We are fully cognizant of all applicable legal requirements with regard to dissemination of material information.”

Despite the inquiry, NCML affirmed that it remains unaware of any specific factors that could have triggered the increase in share prices. The management reassured stakeholders and regulators alike, committing to disclose any material information in the future as mandated by the Securities Act, 2015 and the Rule Book of the Pakistan Stock Exchange Limited.

This incident highlights the ongoing challenges exchanges and companies face in maintaining transparency and regulatory compliance amidst fluctuating market conditions.