PSX introduces ‘Property’ as a new sector

KARACHI: The Pakistan Stock Exchange (PSX) has formally launched the new ‘Property’ sector for non-REIT real estate-related listed companies, a statement said.

This is an attempt to distinctly represent the important elements of real estate and construction in the bourse, it added.

The addition of this sector increases the number of sectors to 36 on the PSX. This addition takes the PSX closer to a better and improved reflection of the economy in the composition of listed companies.

PSX Managing Director and Chief Executive Officer Farrukh H Khan said that 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 the Securities and Exchange Commission of Pakistan (SECP), particularly for real estate investment trusts (REITS), mean that the property sector will become an increasingly important part of the listed and formal economy,” he added.

The PSX managing director said that it was important to create a separate sector classification so that investors can follow and invest in the sector easily.

The addition of a dedicated property sector on the PSX with its constituent companies indicates the importance that the PSX attaches to fully reflecting the composition of Pakistan’s economy at the Stock Exchange, Khan noted.

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.