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Share price of Monno Stafflers soaring sans PSI

FE Report | Published: September 10, 2019 10:29:25 | Updated: September 12, 2019 15:31:23


The share price of Stylecraft Ltd soared more than 86 per cent in seven weeks as its share surged further by 1.0 per cent on Monday without having any undisclosed price sensitive information (PSI).

The export orientated RMG manufacturer's share price jumped more than Tk 413 each during the period under review and closed at Tk 895.40 on Monday despite the market is passing through correction phase.

The company's share price was Tk 482 each in seven weeks ago on July 22 last on the Dhaka Stock Exchange (DSE).

The price hovered between Tk 473.90 and Tk 4900 in the last one year, the DSE data shows.

The prime bourse also served show-cause notice on the company for 'abnormal' price hike of its share.

However, the company in a knee-jerk response informed the DSE that there is no undisclosed PSI for 'unusual' price hike of its shares.

The share price of the company continued to soar without having any undisclosed price sensitive information, which may hit the investors, said an analyst, requesting anonymity.

He noted that investors should be careful about the unusual price hike of low-cap companies and should not pay any heed to rumours at the time of trading shares.

However, a leading broker said, investors showed 'irrational hype' for Stylecraft shares ahead of dividend declaration as the company's financial year ended on June 30.

The Stylecraft, which was listed on the DSE in 1983, disbursed 410 per cent stock dividend for the year ended on June 30, 2018.

Senior executives of the company could not be reached over telephone.

The share price of Monno Jute Stafflers is also soaring without any PSI as the company's price surged further by 3.51 per cent on Monday.

In last seven weeks, the company's share price jumped more than 180 per cent or Tk 1,239 each to close at Tk 1,927.20 on Monday.

The company's share price was Tk 687.90 each seven weeks ago on July 22 on the prime bourse.

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