The share price of National Housing Finance & Investment is soaring without having any undisclosed price sensitive information.
Within 12 consecutive trading sessions, the company's share price jumped more than 80 per cent or Tk 36.60 each to reach at Tk 82.10 on Tuesday. Its share price was Tk 45.50 on August 12.
The company's share traded between Tk 35.20 and Tk 85.90 each in the last one year, hitting the year's highest on Wednesday.
However, its share price declined 2.55 per cent to close at Tk 80 each on Wednesday.
Following the recent abnormal price hike, the Dhaka Stock Exchange (DSE) served show-cause notice on the company.
The company informed the DSE on Wednesday that there was no undisclosed price sensitive information for recent unusual price hike of its shares.
Meanwhile, National Bank, one of the corporate sponsor of the company, on August 27 expressed its intention to buy total 30,02,160 shares of the National Housing Finance at prevailing market price (in the public market: 30,022 shares & block market: 29,72,138 shares) through stock exchanges within next 30 working days.
"National Bank's large amount of share purchase announcement might have pushed the company's share price up," said a leading broker.
National Housing Finance, which was listed on the Dhaka bourse in 2009, disbursed 19 per cent cash dividend in 2017. The company paid 18 per cent cash dividend in 2016.
The company's paid-up capital is Tk 1.06 billion and authorised capital is Tk 2.0 billion, while the total number of securities is 106.39 million.
The sponsor-directors own 60.68 per cent stake in the company while the government owns 9.34 per cent, the institutional investors own 19.08 per cent and the general public 10.90 per cent as on July 31, 2018, the DSE data shows.
Share price of Northern Jute Manufacturing Company is also rising without any undisclosed price sensitive information.
The company's share soared 44 per cent or Tk 114.50 each in the last 12 trading days to close at Tk 377.30 on Wednesday. Its share price was Tk 262.80 each on August 12.
The Dhaka bourse also served show-cause notice on the company following its recent abnormal price hike.
However, the company echoed the same: there is no undisclosed information that might have caused the unusual price increase.
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