Saturday, October 12, 2024

DSE asked to submit probe report in 15 days

12 Cos’ Unusual Price Hike
DSE asked to submit probe report in 15 days
The Bangladesh Securities and Exchange Commission has directed the Dhaka Stock Exchange to investigate within 15 working days the unusual price hike of 12 companies with low capital that witnessed 50 per cent to 150 per cent price hike during September.
BSEC executive director Saifur Rahman issued the letter on Thursday following a commission decision on September 26.
The 12 small capital-based companies are: Legacy Footwear, Desh Garments, BD Auto Car, Rahima Food, Information Service, Monno Staffler, Modern Dyeing, Anwer Galvanising, JMI Syringes and Medical Device, Hakkani Pulp, Intech Online and Al-Haj Textiles.
The commission letter said, ‘The commission observed that from September 9 to September 24 prices of these 12 companies have increased abnormally.’
The BSEC letter instructed the Dhaka bourse to investigate the reasons, including market manipulation, insider trading and other market abuses, behind the unusual price increase of these 12 companies.
According to DSE web site, the price of Legacy Footwear shares rose to Tk 47.8 from Tk 15 in September. The paid-up capital of the company is Tk 9.40 crore with an earning per share of Tk 0.66 in last year.
The paid-up capital of Desh Garments is Tk 3.40 crore with an EPS of Tk 0.72 in the previous year, the share prices of the company rose to Tk 101.60 from Tk 30 during September.
BD Autocars shares rose to Tk 56.10 from Tk 25 on September with an EPS of Tk 0.25 in 2012 and paid-up capital of Tk 3.60 crore.
The DSE suspended trading of CVO Petrochemical on September 24 stating that it would run an investigation into the unusual price hike of CVO’s shares.
CVO Petrochemical’s shares were traded at Tk 89.6 each in April this year but the price increased to Tk 634.7 by the end of August and closed at Tk 867.70 on Monday although the company did not have any price sensitive information.
Market operators said although the market regulator on several occasions had announced to form a probe committee to investigate price hike of several companies’ shares, the price of some companies with low capital continued to rise.
On September 15, the BSEC launched a probe into CVO Petrochemicals and three other companies — Mithun Knitting, Tallu Spinning and Bangas — for unusual price hike of their shares.
Earlier in July, the BSEC investigated unusual price hike of JMI Syringes and Medical Devices, Summit Purbanchal Power Plant, CVO Petrochemicals and Al-Haj Textiles with no signification outcome.

-With New Age input

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