7 months ago

Share price of Metro Spinning jumps 39pc in seven days

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Metro Spinning, a listed company, has seen its share price rising 'abnormally' even though there was no undisclosed price sensitive information (PSI) behind such a price surge.

The company's share price soared 39 per cent in just seven days on Dhaka Stock Exchange (DSE).

The price surge has prompted DSE to serve a show-cause on the company to know whether there are any valid reasons behind such 'unusual' price hike.

But the company replied that there is no undisclosed price sensitive information for the recent unusual price hike and increase in volume of shares, according to a disclosure posted on the DSE website on Wednesday.

The share price of Metro Spinning closed at Tk 35.30 each on Wednesday, up 39 per cent from Tk 25.40, the closing price on August 11.

Metro Spinning, presently a 'B' category company, was listed on the bourses in 2002.

The company's sponsor-directors hold 30.09 per cent stakes, institutes 14.09 per cent and general shareholders 55.82 per cent as on July 31, 2022, according to the DSE data.

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