Jute Spinner's share price soaring

Share price of Jute Spinners, a "Z" category company, is soaring despite the company's production remained suspended for more than one and a half years.

Meanwhile, share prices of Dulamia Cotton, Dragon Sweater and Rupali Life Insurance are also rising without any undisclosed price sensitive information.

However, the companies informed the DSE Wednesday that there is no undisclosed price sensitive information for recent unusual price hike of the shares.

Within four consecutive sessions, Jute Spinner's share price jumped nearly 21 per cent or Tk 21.70 each to reach at Tk 126 on Wednesday.

Despite suspension of the company's production for more than one and a half year since June 2016, its share price jumped 128 per cent or 64.40 each in the last one year.

Following the recent abnormal price hike of the company's share, the Dhaka Stock Exchange (DSE) served show-cause notice on the company.

The company informed the DSE Wednesday that there is no undisclosed price sensitive information for recent unusual price hike.

"We are surprised seeing the unusual price hike of shares and the volume of trade in the market," said the company's statement posted on the Dhaka bourse's website.

The company noted that their factory remains closed since June, 2016 and they have no undisclosed decision/information relating to the company's operation/ profitability regarding unusual price hike in the market and the reason behind the unusual price of shares of the company is fully unknown.

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