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The Financial Express

Three cos’ share price soaring sans PSI

| Updated: June 06, 2018 16:05:55


Three cos’ share price rising sans PSI

Share prices of three companies – Monno Jute Stafflers, Alif Industries and Safko Spinning Mills—were rising despite having any price sensitive information (PSI).

Despite the capital market passing a bearish trend amid low trading activities, these companies share price continued to rise.

“Even after serving of show cause notices, the prices of these companies continued to rise, which may hit the investors” said an analyst at a leading brokerage firm.

He advised the investors to be careful about the unusual price hike of the low-cap companies.

In the last one month, the price of Monno Jute Stafflers jumped more than 40 per cent or by nearly Tk 670 each to close at Tk 2320.10 on Sunday at the Dhaka bourse.

The company’s share price was Tk 1650.50 each on May 6.

Following the recent ‘abnormal’ price hike, the Dhaka Stock Exchange (DSE) served a show cause notice to the company.

However, the company informed the DSE Monday that there is no undisclosed price sensitive information for the recent unusual price hike of its shares.

The company’s paid-up capital is only Tk 4.60 million and authorised capital is Tk 10 million while the total number of securities is 460,000.

The sponsor-directors own 55.90 per cent stake in the company while the institutional investors own 6.36 per cent, foreign 0.03 per cent, and the general public 37.71 per cent as on April 30, 2018, the DSE data shows.

The company, which was listed with the DSE in 1982, disbursed 15 per cent stock dividend for the year ended on June 30, 2017.

The share price of Alif Industries also jumped abnormally in recent days.

The company’s share price soared more than 31 per cent to close at Tk 111.60 each within four trading days without any price sensitive information.

The company’s share price was Tk 85 each on 28 May.

Following the recent abnormal price hike, the DSE had also served show cause notice to the company.

However, the company informed the DSE Monday that there is no undisclosed price sensitive information for recent unusual price hike of its shares.

The company’s share price traded between Tk 81.10 and 157.30 in the last one year.

Alif Industries started its share trading on the DSE main trading floor on December 28, 2017, making a comeback from over-the-counter (OTC) market.

The company's paid-up capital is Tk 375.97 million and authorised capital is Tk 500 million, while the total number of securities is 37.59 million.

The sponsor-directors own 55.13 per cent stake in the company while the institutional investors 10.27 per cent and the general public 34.60 per cent as on April 30, 2018, the DSE data shows.

The share prices of Safko Spinning Mills also jumped 22 per cent in the past six trading sessions to close at Tk 19.90 on Sunday.

Following the abnormal price hike, the DSE had also served a show cause notice to the company.

The company informed the DSE Monday that there is no undisclosed price sensitive information for recent unusual price hike of its shares.

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