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The Financial Express

Four companies bleed after BSEC's probe order

| Updated: September 18, 2021 09:55:28


Four companies bleed after BSEC's probe order

Shares of four listed companies which recently saw abnormal price hike lost prices ranging between 4.68 per cent and 9.70 per cent on Tuesday.

One of those companies became the worst loser a day after the securities regulator asked the premier bourse to investigate the reasons behind the companies' abnormal price hikes observed after resuming trading in main board.

The companies were shifted to main board from the OTC (over-the-counter) market in June last.

Of the companies, Tamijuddin Textile Mills witnessed the highest price correction of 9.70 per cent or Tk 17.50 to close at Tk 162.90 each on Dhaka Stock Exchange (DSE) on Tuesday.

On the day, the share price of Paper Processing & Packaging declined 8.15 per cent or Tk 17.50 to close at Tk 198.30 each.

The share price of Bangladesh Monospool Paper Manufacturing Company closed at Tk 208.10 each with a loss of 7.06 per cent or Tk 15.80 to close at Tk 208.10 each.

The share price of Monno Fabrics went down by 4.68 per cent or Tk 1.40 to close at Tk 28.50 each.

On Monday, the Bangladesh Securities and Exchange Commission (BSEC) asked the DSE to look into the reasons behind the abnormal price hike of these four companies.

The premier bourse DSE will have to submit a report on its findings to the commission within 15 days. The DSE has also been asked to find out whether there was any foul play behind the companies' abnormal price hike.

On the day of resuming trading at main board, the share price of Bangladesh Monospool Paper Manufacturing Company closed at Tk 55 each, while the share price of Paper Processing and Packaging closed at Tk 17.60 each, Tamijuddin Textile Mills at Tk 13.20 and Monno Fabrics at Tk 11 each.

Later, the companies' share prices rose continuously. Of the companies, the share price of Paper Processing & Packaging rose up to 1237 per cent or Tk 217.70 to close at Tk 235.30 each on September 9.

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