‘Property’ sector finally gets a seat on PSX

The new sector will include non-REIT real estate-related companies
<p>PHOTO: FILE</p>

PHOTO: FILE

The Pakistan State Exchange on Wednesday announced the induction of a new and, per some, the long-awaited property sector to its roster. The sector’s inaugural inductees include three companies which already operate within the exchange.

With this addition, the number of sectors featured on the exchange has increased to 36.

The new sector will list companies who are working in the real estate space but in the non-real estate investment trust (REIT) sector. REITs are companies that own or finance income-producing real estate across a range of property sectors.

The three companies that have been listed in this sector include Javedan Corporation Limited ( JVDC), Pace (Pakistan) Limited (PACE) and TPL Properties Limited (TPLP).

JVDC was previously reported under the Cement sector whereas PACE and TPLP were listed under Miscellaneous.

The action was taken to represent the important elements of real estate and construction on the Pakistan Stock Exchange.

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