KARACHI: The Pakistan Stock Exchange (PSX) announced the introduction of a new ‘property’ sector for non-REIT real estate-related listed companies.
The addition brings the total number of sectors on PSX to 36.
Three companies have been placed in this category, namely Javedan Corp. Ltd. (JVDC), which was previously placed in the cement sector; Pace (Pak) Ltd. (PACE); and TPL Properties Ltd. (TPLP); the latter two falling under the miscellaneous category before.
This step showcases the efforts PSX is making towards representing the listed companies and relevant economic activity in an improved manner.
“This is an attempt to distinctly represent the important elements of real estate and construction in the Pakistan Stock Exchange,” stated the bourse in an issued notice.
As per the Global Industry Classification Standard (GICS), it is customary to title the sector as Real Estate, with further subdivisions accordingly.