The share price of Monno Jute Stafflers is soaring without any price sensitive information (PSI) as the company's price surged further by 7.50 per cent Wednesday.
In last five trading days, the company's share price jumped more than 30 per cent or by Tk 243 each to close at Tk 1,051.60 on Wednesday, hitting two-year high. On March 28, its share price was Tk 808.60 on the Dhaka Stock Exchange (DSE).
Two years ago on April 5, 2016, the company's share price was Tk 311.70 each. The share traded between Tk 480.20 and Tk 1,051.60 in last one year, according to DSE data.
Following the recent abnormal price hike, the DSE served show-cause notice on the company Tuesday.
However, the company Wednesday informed the DSE that there is no undisclosed price sensitive information for recent unusual price hike of its shares.
"Even after serving of show-cause notice, the price of the company continued to soar, which may hit the investors" said an analyst, requesting anonymity.
He noted that investors should be careful about the unusual price hike of low-cap companies and should not pay any heed to rumors at the time of trading shares.
Monno Jute Stafflers is primarily engaged in the manufacture and trade of machinery, spare parts and accessories for jute and textile mills in Bangladesh and abroad.
Senior executives of the company could not be reached over telephone.
On the other hand, the share price of Shasha Denims also jumped nearly 30 per cent or Tk 13 each in just five trading days to reach Tk 56.80 on Tuesday.
The DSE served show-cause notice on the company, but the company informed the DSE Wednesday that there is no undisclosed price sensitive information for recent unusual price hike of its shares.
However, the company's share price fell 0.53 per cent to close at Tk 56.50 each on Wednesday at DSE.
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