Shares of six listed companies lost prices ranging from 0.82 per cent to 6.25 per cent on Tuesday, after the securities regulator forming an enquiry committee due to the recent unusual price hike of the issues.
Recently, the prices of shares of these companies rose up to 96 per cent during a period from April 1 to April 23.
The companies are Monno Ceramic Industries, Stylecraft, Monno Jute Stafflers, Alif Industries, Renwick Jajneswar & Company (Bd) and Popular Life Insurance Company. Two of these companies observed increased institutional investments in March last.
Bangladesh Securities and Exchange Commission (BSEC) on Monday formed a three-member enquiry committee, asking it to submit its report within 30 working days.
The committee will look into the companies' recent 'unusual' movement in price and volume of shares.
The share price of Stylecraft declined 4.24 per cent or Tk 80.20 to close at Tk 1,818.10 per share on Tuesday. The company's share price recently witnessed a hike of 20 per cent or Tk 314.60 during April 1 to April 23. Institutional investment in Stylecraft rose to 15.77 per cent in March from 6.56 per cent in February.
The share price of Monno Jute Stafflers declined 6.25 per cent or Tk 103.6 to close at Tk 1,554.40 per cent on Tuesday. The company's share trading closed at Tk 846.60 on April 1 and later witnessed a price hike of 96 per cent or Tk 811.40 to close at Tk 1,658 on April 23.
The share price of Alif Industries declined 0.82 per cent or Tk 0.1 to close at Tk 11.90 on Tuesday. The company, however, was in declining trend since April 11 last. The amount of institutional investment in Alif Industries was 9.13 per cent in February last. At the end of March the amount stood at 12.96 per cent.
The share price of Renwick Jajneswar & Company (Bd) declined 5.71 per cent or Tk 42.30 to close at Tk 691.40 on Tuesday. The company's share trading closed at Tk 565.80 on April 1 last and later the price rose to Tk 779 on April 12 last.
The share price of Popular Life Insurance Company declined 6.07 per cent or Tk 7.2 to close at Tk 110 on Tuesday. The company's share trading closed at Tk 89 on April 1 and later the price rose to Tk 132.40 on April 16 last. Afterwards, the company witnessed some correction.
The share price of Monno Ceramic Industries declined 5.61 per cent or Tk 7.8 to close at Tk 131.70 on Tuesday. On March 25 last, the company's share trading closed at Tk 132.40. After nine trading sessions, the company's share price jumped to Tk 159.70 on April 8. Later, the company's share price gradually declined till Monday.
In response to separate queries, the companies, however, recently informed Dhaka Stock Exchange (DSE) that there was no undisclosed price sensitive information for recent unusual price hike of shares.
© 2024 - All Rights with The Financial Express
