ISLAMABAD, Aug 10 (APP):Pakistan Stock Exchange (PSX) has formally launched “Property” as a new sector for non-REIT real estate related listed companies to distinctly represent the important elements of real estate and construction sector.
This addition takes PSX closer to a better and improved reflection of the economy in the composition of listed companies, said a press release issued here on Wednesday.
The addition of this sector increases the number of sectors on PSX to 36.
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 at the launch of the property sector on PSX, the Managing Director and Chief Executive Officer, PSX, Farrukh H. Khan, said, “The property sector is an integral part of the national economy of Pakistan.”
He said with the recent reforms and incentives given to the sector, it was poised to grow and become an engine of growth for the economy. The recent regulatory changes carried out by SECP, 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 added.
The PSX CEO said that the addition of a dedicated property sector on PSX with its constituent companies indicated the importance that PSX attaches to fully reflect the composition of Pakistan’s economy at the Stock Exchange.