The Dhaka Stock Exchange on Wednesday extended its suspension on trading of shares of CVO Petrochemical Refinery by 15 days as they did not get any instruction from the Bangladesh Securities and Exchange Commission in this regard, said an official of the bourse.
The DSE on September 24 suspended trading of CVO Petrochemical Refinery’s shares for 30 days as the price of its shares continued to rise abnormally and launched an investigation to this end.
The DSE submitted the investigation report to the BSEC in the beginning of the month, but the bourse is yet to hear anything from the commission, said the DSE official.
The BSEC on September 15 had launched a probe against CVO Petrochemical and three other companies — Mithun Knitting, Tallu Spinning and Bangas—for the unusual hike of share prices, but no action had been taken as of yet.
CVO Petrochemical’s shares were being traded at Tk 89.6 each in April, but the price rocketed to Tk 634.7 by the end of August despite the company declaring no price sensitive information.
Earlier, the BSEC investigated unusual price hike of JMI Syringes and Medical Devices, Summit Purbanchal Power Plant, CVO Petrochemicals and Alhaj Textiles in July with no success.
The DSE on September 30 had also suspended trading of Rahima Food’s shares on the same ground.
-With New Age input
