JMI Hospital Requisite jumps over 60pc in six days

The newly listed JMI Hospital Requisite Manufacturing Ltd soared 60.5 per cent in the outgoing week, riding on 'irrational hype' among investors, to become top gainer of the week.
The medical equipment manufacturer's stock closed at Tk 35.30 on Thursday. The IPO price of the share was Tk 20 each.
The company's shares hit upper-circuit breaker every day since its trading debut on March 31, as most of the IPO shareholders held the stock tightly eyeing higher profit.
JMI Hospital Requisite raised Tk 750 million from the capital market under the book-building method.
Market analysts said investors showed their buying appetite for the new issue amid short-term speculation. So, it created an 'irrational hype' among investors.
Among other weekly top gainers were Imam Button, CAPM BDBL Mutual Fund-1, Mozzaffar Hossain Spinning Mills, Beacon Pharmaceuticals, Mercantile Bank, Bank Asia, Rangpur Foundry, Nahee Aluminum Composite Panel and LafargeHolcim Bangladesh.
Imam Button, a 'Z' category stock, became the second highest gainer of the week. The company's share price surged 20.90 per cent even in the falling market to close at Tk 41.60 on Thursday.
The companies that fail to declare dividends or to arrange annual general meetings on time or keep their factories shut for six months in a row are placed in 'Z' category.
The low-performing company's stock price surged 'abnormally' in recent times although they had no price sensitive information or any expansion plan.
Market insiders said some companies with low-performance records also made their way into the top gainers' list frequently, riding on rumours that the investors are putting money in these securities.
"By circulating rumours, influential investors try to manipulate the prices of shares of many companies to make a quick profit," said an analyst at a leading brokerage firm.
Investors are chasing these stocks without carrying out any proper study, as they are attracted by the continuous rise in share price, he said.
"If these stocks face corrections, general investors will be the ultimate losers," he added.
He said investors should be careful about the unusual price hike of the low-profile companies and should not pay any heed to rumours while trading shares.

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