Shahjibazar Power trading suspended

Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange have suspended share trading of Shahjibazar Power Company Ltd (SPCL) Monday for ‘unusual’ price hike of its shares.The trading suspension order of the company will continue until further notice, officials said. “Pursuant to BSEC’s investigation and recent unusual upward price movement of the company, DSE, in the greater interest of investors and the capital market, has decided to suspend the trading of shares of the company with effect from today (Monday) until further decision,” said a statement posted on DSE and CSE website on Monday. Earlier, the stock market regulator’s effort to hold back the unusual price hike of the newly-listed Shahjibazar Power Company. Between its debut on July 15 and July 24, Shahjibazar's share price soared 61 per cent to Tk 58.7. The abnormal rise prompted the Bangladesh Securities and Exchange Commission (BSEC) to form a two-member panel to investigate the matter. But, the share price of the company continued to rise and in last six trading days till Sunday, its price jumped 48.15 per cent to Tk 89.2, which promoted DSE, CSE to suspend trading.