Once again, the financial results of Pakistan Telecommunications Ltd, (PTCL) was announced late on the Karachi Stock Exchange, while the figures were released about 15 minutes earlier on Islamabad and Lahore stock exchanges, a dealer said. The Karachi Stock Exchange (KSE) received the financial results for the year ended June 30, 2004 at 12.16 pm on Wednesday. But the officials of the exchange announced these results at 12.26 pm. Investors argued that why the officials announced these figures after a delay of 10 minutes.
Dealers added that the financial results of PTCL were announced sometime between 12.05 pm to 12.10 pm on the Islamabad and Lahore stock exchanges.
Analysts said that the possibility of insider trading could not be ruled out. "This is pathetic," one analyst said. "In April PTCL''s nine months results came 20 minutes late and in the Pakistan Oilfields case the two sheets were announced with a delay of 10 minutes."
Even if it is not insider trading, it is disturbing and might hurt the image of the Karachi Stock Exchange. And as the KSE is meant to be the frontline regulator, the announcement of companies having larger weight in the index and attracts larger volume should be released immediately."
The PTCL results were announced late when the company released financial figures for the nine months ended March 31 during the month of April. Investigations were carried out. The stock market regulators Securities and Exchange Commission of Pakistan (SECP) sent letters to the KSE about this event and clarify the position.
Even the trades during that period were also monitored without any clue, a dealer said.
It is learnt that the management of the exchange has transferred some of the officials as part of negligence.
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