Business desk
KARACHI: The Pakistan Stock Exchange (PSX) Wednesday formally launched a new sector, “property”, for non-REIT real estate-related listed companies.
According to a statement released by the stock market, this addition is expected to take PSX closer to a better and improved reflection of the economy in the composition of listed companies.
“This is an attempt to distinctly represent the important elements of real estate and construction in PSX,” the statement read, adding that the addition of this sector increases the number of sectors on PSX to 36.
It should be noted that the three companies which have been placed in the “property” sector are Javedan Corporation Limited which was previously reported in the Cement sector, Pace (Pakistan) Limited and TPL Properties Limited, which were both previously reported in the Miscellaneous sector.
Speaking on the occassion, PSX Managing Director and CEO Farrukh H Khan said: “The property sector is an integral part of the national economy of Pakistan.
“With the recent reforms and incentives given to the sector, it is poised to grow and become an engine of growth for the economy. The recent regulatory changes carried out by Securities and Exchange Commission of Pakistan, particularly for REITS, mean that the property sector will become an increasingly important part of the listed and formal economy.
Hence. it was important to create a separate sector classification so that investors can follow and invest in the sector easily.”
He further added that the addition of a dedicated property sector on PSX with its constituent companies indicates the importance that PSX attaches to fully reflecting the composition of Pakistan’s economy at the Stock Exchange.”
