Share price of Savar Refractories soaring sans PSI
FE Report | Monday, 5 March 2018
Share price of Savar Refractories is soaring without any price sensitive information (PSI).
The company's price surged further by 8.17 per cent on Sunday.
In the last five trading days, the Z-category company's share price soared more than 22.52 per cent or Tk 36 each to settle at Tk 195.90 Sunday on the Dhaka bourse. The company's share price was Tk 159.90 on February 26.
The company's share price also hit one-year high of Tk 199.20 on Sunday though the company failed to pay dividend over the years.
Following the recent abnormal price hike, the Dhaka Stock Exchange (DSE) served show-cause notice on the company.
However, the company in a knee-jerk response informed the DSE on Sunday that there is no undisclosed price sensitive information for recent unusual price hike of its shares.
The Dhaka bourse also served show-cause notice on the Savar Refractories on February 15 and the company replied in a similar knee-jerk way.
"Even after serving of show-cause notice, the prices of the company continued to rise", said an analyst, seeking anonymity.