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Active Fine's share price soaring without PSI

Tops turnover chart for two straight days


FE Report | Published: September 11, 2018 10:11:19 | Updated: September 13, 2018 12:01:43


Picture used for illustrative purpose only

The share price of Active Fine Chemicals is soaring without having any undisclosed price sensitive information (PSI).

Within three consecutive trading days, the company's share price jumped nearly 15 per cent to close at Tk 43.30 each on Monday.

The stock also dominated the Dhaka Stock Exchange's (DSE) turnover chart for the two consecutive sessions with a significant turnover value.

About 17.67 million shares of the company were traded, generating a turnover of Tk 781 million, which was 8.10 per cent of the DSE's total turnover on Monday.

Active Fine also dominated the DSE turnover chart on Sunday with shares worth Tk 716 million changing hands.

Following the unusual price hike and increase in volume of shares, the DSE served show-cause notice on the company.

The company informed the DSE on Monday that there was no specific cause for the recent unusual price hike of the share.

"Even after serving of show-cause notice, the price of the share continued to rise, which may hit the investors," said an analyst, seeking anonymity.

He noted that the investors should be careful about the unusual price hike of the low-cap companies.

The company's earnings per share (EPS) stood at Tk 0.67 for January-March 2018 as against Tk 0.71 for January-March 2017.

In nine months for July 2017-March 2018, the EPS was Tk 2.01 as against Tk 2.04 for July 2016-March 2017.

The company's paid-up capital is Tk 1.99 billion and authorised capital is Tk 3.0 billion while the total number of securities is 199.94 million.

Active Fine Chemicals, which was listed on the DSE in 2010, disbursed 25 per cent stock dividend for the year ended on June 30, 2017.

The sponsor-directors own 12.04 per cent stake in the company while the institutional investors own 32.40 per cent, foreign 3.11per cent and the general public 52.45 per cent as on July 31, 2018, the DSE data shows.

Share prices of Saiham Textile and Confidence Cement were also soaring without having any price sensitive information.

Saiham Textile's share price soared 8.35 per cent within two trading days to close at Tk 36.30 each while the share price of Confidence Cement jumped 7.0 per cent within three days to close at Tk 231.70 each on Monday.

The unusual price hike of these two companies also prompted the DSE to serve show-cause notices.

The companies also replied on Monday that there was no undisclosed information that might have caused the unusual price increase of the stocks.

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