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Three cos' price fly sans PSI

FE Report | Published: September 17, 2019 10:28:59 | Updated: September 17, 2019 15:42:21


The share prices of three low-cap companies - National Tubes, Khulna Printing & Packaging and Gemeni Sea Food- are soaring without having any price sensitive information.

Within one week, share prices of these companies soared between 12 per cent and 41 per cent, according to statistics from the Dhaka Stock Exchange.

National Tubes: Within seven trading days, share price of National Tubes jumped about 41 per cent to reach at Tk 170.20 on Sunday. The company's share price was Tk 121 on September 3.

However, its share price fell 5.41 per cent to close at Tk 161 on Monday over the previous day.

Its share traded between Tk 98.30 and Tk 172 each in the last one year, hitting the highest price in the last one year on Sunday.

Following the 'abnormal' price hike, the Dhaka Stock Exchange (DSE) served show-cause notice on the company on Sunday.

The company, however in a knee-jerk response informed the DSE on Monday that there was no undisclosed price sensitive information for recent unusual price hike of its shares.

The National Tubes also informed that news published in the daily newspapers that "NBR has refunded the advance tax to National Tubes" and "work order has been given to National Tubes to establish new pipe lines all over the country, including Dhaka" are not authentic.

Khulna Printing & Packaging: The share price of "Z" category Khulna Printing & Packaging also soared 33 per cent in seven trading days to close at Tk 16 each on Monday. Its share price was Tk 12 on September 3.

Following the 'unusual' price hike, the prime bourse also served show-cause notice on the company. The company echoed the same: there is no undisclosed information that might have caused the unusual price increase.

Khulna Printing & Packaging, which was listed on the Dhaka bourse in 2014, also failed to declare dividend in the past three consecutive years. The company last disbursed 10 per cent cash dividend in 2015.

Even after being served show-cause notice, the company's share price has not stopped rising, soaring 3.22 per cent further on Monday, which will hit innocent investors, said a leading broker.

Gemini Sea Food: The share price of Gemini Sea Food also soared 12 per cent in seven trading days to close at Tk 306.70 each on Monday. Its share price was Tk 273.2 on September 3.

Following the 'abnormal' price hike, the prime bourse also served show-cause notice on the company. The company also echoed the same: there is no undisclosed information that might have caused the unusual price increase.

Even after being served show-cause notice, the company's share price has not stopped rising, rising 6.64 per cent further on Monday.

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