Kattali Textile jumps 144pc on debut day

Kattali Textile's share price jumped 144 per cent on the first day of trading on Monday despite the market closed lower.

The share traded between Tk 22 and Tk 29.90 each on the Dhaka Stock Exchange (DSE), before closing at Tk 24.40 each, soaring 144 per cent, from the issue price of Tk 10 each.

It was also the second highest turnover leader on the prime bourse with 8.39 million shares worth nearly Tk 210 million changing hands.

On the Chittagong Stock Exchange (CSE), its share price rose 139 per cent to close at Tk 23.90 each.

Market insiders said despite the market ended lower, a section of investors showed enthusiasm for the newly listed stock amid short-term speculation

The board of directors of the company also has recommended 10 per cent stock dividend for the year ended on June 30, 2018, said a disclosure on Monday.

The board of the company has also decided to increase the authorised capital of the company from Tk 900 million to Tk 1.50 billion subject to approval of the shareholders in the extraordinary general meeting (EGM).

The EGM and annual general meeting will be held on December 19 in Chittagong. The record date is November 15.

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