The share prices of two low-cap companies- Anlima Yarn Dyeing and Alltex Industries - are soaring without having any undisclosed price sensitive information.
Within two trading days, share price of Anlima Yarn jumped about 20 per cent to close at Tk 40.40 on Wednesday. The company's share price was Tk 33.50 on Monday.
Its share traded between Tk 27.40 and Tk 40.40 each in the last one year, hitting the highest in the last one year on the day.
Following the 'abnormal' price hike, the Dhaka Stock Exchange (DSE) served show-cause notice on the company.
The company, however in a knee-jerk response informed the DSE on Wednesday that there was no undisclosed price sensitive information for recent unusual price hike of its shares.
Even after being served show-cause notice, the company's share price has not stopped rising, soaring 9.78 per cent further on Wednesday, which will hit innocent investors, said a leading broker.
Anlima Yarn, which was listed on the Dhaka bourse in 1997, recommended 10 per cent cash (excluding directors) for the year ended on June 30, 2018.
The company also disbursed 10 per cent cash dividend in 2017.
The company's unaudited earnings per share (EPS) stood at Tk 0.03 in the negative for July-September, 2018 as against Tk 0.19 for July-September, 2017.
The company's paid-up capital is Tk 178.68 million and authorised capital is Tk 200 million, while the total number of securities is 17.86 million.
The sponsor-directors own 47.22 per cent stake in the company, while institutional investors own 6.09 per cent and the general public held 46.69 per cent shares as on November 30, 2018.
Meanwhile, share price of Alltex Industries almost doubled within eight trading sessions to reach at Tk 14.70 each on Tuesday. Its share price was Tk 7.70 on December 02.
Following the 'abnormal' price hike, the prime bourse also served show-cause notice on the company.
The company echoed the same: there is no undisclosed information that might have caused the unusual price increase.
The company's share price, however, fell 4.76 per cent on Wednesday.
The company's share traded between Tk 7.30 and Tk 16.10 each in the last one year.
The company declared 'no" dividend for the last three consecutive years 2016, 2017 and 2018.
On the other hand, share price of Information Services Network continued to fall as shareholders of the company approved 'no' dividend for the year ended on June 30, 2018 to company the securities rules.
The shareholders of the company on December 9 cancelled the board of directors' recommended dividends.
Earlier, the board recommended 1.0 per cent cash and 4.0 per cent stock dividend for the year ended on June 30, 2018.
As per the audited financial statements, the company does not have 'positive' consolidated retained earnings.
