Share price of three Z-category companies -- Beximco Synthetics, Sonargaon Textile and Information Services Networks - are soaring without any price sensitive information (PSI).
In the last three months, the Beximco Synthetics' share price jumped more than 88 per cent to close at Tk 14.30 on Monday on the Dhaka Stock Exchange (DSE). The company's share price was Tk 7.60 each in three months ago on November 13, 2017.
Following the recent abnormal price hike, the Dhaka Stock Exchange (DSE) served show-cause notice on the company.
However, the company informed the DSE Monday that there is no undisclosed price sensitive information for recent unusual price hike of its shares.
"Even after serving of show-cause notice, the prices of the company has continued rising, which is not at all a healthy sign”, said an analyst, seeking anonymity.
He noted that investors should be careful about the unusual price hike of the low-cap companies and Z-category companies.
"We have brought the low-cap companies under scanner. We are looking into how did they generate such an abnormal gain," said an official of the Bangladesh Securities & Exchange Commission (BSEC).
Beximco Synthetics also failed to pay dividend since 2013. In 2012, the company paid 10 per cent stock dividend.
The company's paid-up capital is Tk 867.12 million and authorised capital is Tk 2.0 billion, while the total number of securities is 86.71 million.
The sponsor-directors own 35.67 per cent stake in the company while the institutional investors own 13.05 per cent, foreign investors 0.02 per cent and the general public 51.26 per cent as on January 31, 2018, the DSE data shows.
On January 22, the DSE also served show-cause notice on the Beximco Synthetics. But, the company informed then that there is no undisclosed price sensitive information for recent unusual price hike of its shares.
Share price of two other 'Z' category companies - Sonargaon Textile and Information Services Networks - are also soaring abnormally.
Sonargaon Textile's share price soared 130 per cent in three months to recah at Tk 28.10 on Sunday at DSE. The company's share price was Tk 12.20 on November 13, 2017. However, the company's share price fell 4.98 per cent on Monday to close at Tk 26.70.
Share price of Information Services Networks also jumped 18.18 per cent within five trading sessions to settle at Tk 26 on Monday without any price sensitive information.
Following the recent abnormal price hike, the premier bourse also served show-cause notice on Sonargaon Textile and Information Services Networks.
However, the companies informed the DSE Monday that there is no undisclosed price sensitive information for recent unusual price hike of shares of the issues.
The DSE also served show-case notice on more than 20 low-cap companies during the last three months. The companies responded similarly like knee-jerk reactions.
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