Sonali Aansh jumps 22pc in just 7 sessions

Sonali Aansh Industries has continued its climb on the Dhaka Stock Exchange since April 17 without any price sensitive information.

The prime bourse usually seeks clarification from a company of a sudden jump of the stock when it is not justified.

In response to a query, Sonali Aansh on Sunday informed that there was no undisclosed information that could trigger the rise in the stock price and transactions of shares in large volumes.

The DSE executed nine trading sessions between April 17 and May 7, of which Sonali Anash advanced in seven sessions.

The company's share price on Sunday closed at Tk 532.7, rising 22 per cent from the closing price of April 17.

Listed small-cap companies have been swinging more often in the bearish market as large-cap stocks have remained confined to the floor.

Desperate to make profits in the mostly-inactive market, investors chase the stocks that rally for no good reasons other than speculations. On the other hand, manipulators take advantage of the sentiment as it is easy to influence small-cap stocks with mobilisation of small funds.

The paid-up capital of Sonali Aansh is Tk 54.24 million, according to the DSE.

Before the abnormal price hike, the company showed signs of volatility between March 5 and April 17 this year. During the period, the company's share price moved between Tk 439.4 and Tk 475.6 on the DSE.

Sonali Aansh has not yet disclosed its earnings data for January-March, FY23.

It reported a 36 per cent year-on-year growth in earnings for October-December of the fiscal year.

The company also saw an increase in the operating cash flow due to higher cash receipts in the second quarter from customers, compared to the previous quarter.

Its sponsor-directors hold 50.78 per cent shares, institutes 5.63 per cent and general investors 43.59 per cent, according to data available until the end of March.

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