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The Financial Express

Monno Ceramic’s share price keeps soaring sans PSI

| Updated: March 05, 2019 11:51:36


Monno Ceramic’s share price keeps soaring sans PSI

The share price of Monno Ceramic Industries was soaring despite having no price sensitive information (PSI).

The company's share price surged further by Tk 27.60 each or 6.67 per cent to close at Tk 441.30 on the DSE trading floor Sunday.

In the last one month, the company's share price jumped more than 42 per cent or Tk 130.80 each. Its share price was Tk 310.50 on February 05 last.

In the last one year, its share traded between Tk 126.80 and Tk 449 each.

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

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

Brokers said even after serving of the show-cause notice, the share price of the company continued to rise which may hit investors.

Meanwhile on February 20 last, Bangladesh Securities and Exchange Commission (BSEC) lifted the restriction on Monno Ceramic and put back the shares of the company on the public market from the spot market for transactions.

Earlier on August 16, 2018, the BSEC had sent the Monno Ceramic to the spot market for the unusual price hike of their shares.

The company, which was listed on the Dhaka bourse in 1983, disbursed 30 per cent stock dividend for the year ended on June 30, 2018.

The company’s paid-up capital is Tk 326.62 million and authorised capital is Tk 500 million, while the number of securities is 32.66 million.

The sponsor-directors own 59.72 per cent stake in the company, while institutional investors own 9.44 per cent, foreign investors 0.10 per cent, and the general public 30.74 per cent as on January 31, 2019.

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