Two more companies -- Eastern Housing Ltd. and Far East Knitting & Dyeing Industries -- saw their share prices rising 'abnormally' without any price sensitive information (PSI).
Share price of Eastern Housing jumped 54 per cent or Tk 28 each in a month to close at Tk 79.60 on Monday.
The recent price surge prompted the Dhaka Stock Exchange (DSE) to serve show-cause notice on the company to know whether there was any price sensitive information for the unusual price hike.
In reply, the company informed the DSE on Monday that there is no undisclosed price sensitive information of the company. However, the company's share price fell 0.62 per cent on the day.
Listed in 1994, the real estate sector company disbursed 15 per cent cash dividend for the year ended on June 30, 2021. In 2020, it also provided a 15 per cent cash dividend.
The company has reported earnings per share (EPS) of Tk 3.93 for nine months in July 2021-March 2022 as against Tk 2.99 for July 2020-March 2021.
Meanwhile, the share price of Far East Knitting & Dyeing Industries rose 36 per cent or Tk 6.10 each in a month to close at Tk 23.10 on Monday.
The 'abnormal' price surge prompted the prime bourse to serve show-cause notice on the company whether there was any price sensitive information for recent unusual price hike.
The company replied: "There is no undisclosed price sensitive information of the company for recent unusual price hike".
Market operators said the influential investors by disseminating rumours are trying to manipulate the prices of shares of many companies to make a quick profit.
Some companies with low performance records also make their way into the top gainers' list frequently, riding on a rumour that investors are putting money in the securities, said a merchant banker.
He said the investors are chasing these stocks without conducting any proper analysis, as they see continuous rise in values.
"If these stocks face corrections, investors will be the ultimate losers," he said, adding that the investors should be careful about buying overvalued stocks in order to avert any misfortune.
© 2024 - All Rights with The Financial Express
