Unusual Surge in M/s First Elite Capital Modaraba Certificates Attributed to Large Purchases by Holder

Karachi: The Pakistan Stock Exchange (PSX) has noted a significant increase in the price of M/s First Elite Capital Modaraba (FECM) certificates recently. According to information available from the Pakistan Stock Exchange (PSX), there has been no officially acknowledged reason for the surge in prices of these financial instruments. However, it is observed that the rise in certificate prices might be linked to substantial acquisitions by a notable certificate holder.

From June 21, 2024, to July 03, 2024, approximately 221,220 FECM certificates were purchased by Mr. Nauman Rathore, a prominent certificate holder of the Modaraba. The transactions were disclosed through multiple communications with PUCARS on the dates of June 24, July 1, July 2, July 4, and July 5, 2024. These disclosures were intended to ensure transparency and maintain regular updates for stakeholders and regulatory authorities.

The sharp increase in FECM certificate prices follows these purchases, suggesting a correlation between Mr. Rathore’s buying spree and the market reaction. This information should address queries regarding the recent price movements of FECM certificates in the financial market.