BSEC extends trade suspension period of three companies

The securities regulator has extended the suspension period of trading shares of three companies by 15 days with effect from Tuesday.

The companies are Monno Jute Stafflers, BD Autocars and Legacy Footwear.

Bangladesh Securities and Exchange Commission (BSEC) issued an order in this regard on Monday, saying that it extended the suspension period in the interest of trade and public interest.

It directed the Dhaka and Chittagong stock exchanges to extend the suspension period by 15 days with effect from September 18.

Earlier on August 16, the regulator suspended trading of the stocks for 30 days due to abnormal price hike and trade volume.

On the same day, it had also sent five other companies - Monno Ceramic Industries, Key & Que, Aziz Pipes, Stylecraft and Dragon Sweater and Spinning - to the spot market for 'unusual and astronomical' hike in the prices of their shares.

However, the shares of Dragon Sweater were put back on the public market on September 06.

Before issuing the trade suspension order, the share prices of Monno Jute Stafflers rose by 500 per cent to Tk 4,640 each, Legacy Footwear by 380 per cent to Tk 263 each and BD Autocras by 300 per cent to Tk 436 each within a couple of months without any price sensitive information.

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