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Karachi, Hallmark Company Limited (HCL) has stated it is not aware of any specific developments or matters that could have prompted the recent unusual rise in its share prices. The Pakistan Stock Exchange (PSX) has recorded a noticeable increase in the price of HCL shares over the past month. According to information available from the Pakistan Stock Exchange (PSX), HCL reassured its compliance with all legal and regulatory procedures, emphasizing its ongoing commitment to adhere to these standards.
This response from HCL follows a notification from the PSX citing the need for clarity on the sudden price movement, as outlined in Section 97 of the Securities Act, 2015, and PSX Regulation 5.6.3. The regulations require listed companies to promptly disclose relevant information regarding any unusual price or volume movements of their shares.
HCL has further confirmed its use of the PSX’s Public Unlisted Company Automated Reporting System (PUCARS) for all necessary disclosures, as mandated by law, to ensure transparency and uphold investor confidence.