The Dhaka Stock Exchange on Thursday extended the suspension of trading of shares of CVO Petrochemical Refinery for the fifth time as the Bangladesh Securities and Exchange Commission is yet to take any action against the manipulators behind the recent unusual price hike of the company’s shares.
‘The suspension has been extended by another 15 days as we are waiting for an enforcement action from the BSEC against the manipulators,’ a DSE official told New Age.
The DSE on September 24 for the first time suspended trading of CVO Petrochemical Refinery’s shares for 30 days as the price of its shares continued to rise abnormally. The bourse also launched an investigation into the hike.
The DSE submitted the investigation report to the BSEC early October, 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 their share prices.
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 had investigated unusual price hike of JMI Syringes and
Medical Devices, Summit Purbanchal Power Plant, CVO Petrochemicals and Alhaj Textiles in July.
The DSE on November 21 withdrew its suspension order on trading of shares of Rahima Food. The bourse on September 30 had suspended the trading of the company’s shares for an unusual hike in the share price.
-With New Age input
