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BSEC forms probe body to investigate price hike of four companies’ shares

FE Online Report | Published: November 22, 2018 18:29:36 | Updated: December 04, 2018 12:42:54


The Bangladesh Securities and Exchange Commission (BSEC) has formed a committee to investigate recent unusual price hike of shares of four companies.

The securities regulator formed the enquiry committee on Tuesday last, said a disclosure posted on the Dhaka Stock Exchange (DSE) website on Thursday.

The companies which witnessed unusual price hike of shares are: Northern Jute Manufacturing Company, Information Services Network., Fine Foods and Stylecraft.

Share price of Northern Jute Manufacturing Company rose by 46 per cent or Tk 270.30 each within a month to reach Tk 863.20 on Tuesday.

However, its share price shed 7.50 per cent on Thursday to close at Tk 798.50 each.

Stylecraft, a textile company’s share price jumped 84 per cent or Tk 590 each within two weeks to reach Tk 1287.40 on Tuesday.

Its share price fell 6.25 per cent to close at Tk 1207 on Thursday.

Share price of Information Services Network rose 24 per cent within a month to close at Tk 34.40 each Thursday.

Fine Foods share price rose 10 per cent within a month to close at Tk 38.40 each on Thursday.

The premier bourse served show-case notices several time to the companies. The companies, in knee-jerk replies however, informed the premier bourse that they have no price sensitive information for recent unusual price hike.

Even after serving of show-cause notice, the prices some of them continued to rise, to hit the innocent investors hard, said an analyst, seeking anonymity.

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