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The share price of Monno Jute Stafflers is soaring without any price sensitive information (PSI) as the company dominated the gainers chart for the two consecutive weeks.
Within 10 trading sessions, the company’s share price jumped more than 87 per cent or Tk 687.70 each to close at Tk 1,475.30 on Thursday. It was also the company’s highest share price since listing with the Dhaka bourse in 1982.
The company’s share price was Tk 787.60 on March 29 on the Dhaka Stock Exchange (DSE).
According to DSE statistics, the company’s share traded between Tk 480 and Tk 1,475.30 in last one year.
Following the recent abnormal price hike, the DSE served show-cause notice on the company recently.
However, the company informed the DSE that there is no undisclosed price sensitive information for recent unusual price hike of its shares.
“Even after serving of show-cause notice, the price of the company continued to soar, which may hit the investors” said an analyst.
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.
The company’s paid-up capital is Tk 4.60 million and authroised capital is Tk 10 million only. The number of total securities is 460,000.
Monno Jute Stafflers is primarily engaged in the manufacture and trade of machinery, spare parts and accessories for jute and textile mills in Bangladesh and abroad.
Senior executives of the company could not be reached over telephone.
The sponsor-directors own 54.73 per cent stake in the company while the institutional investors own 6.87 per cent, foreign investors 0.25 per cent and the general public 38.15 per cent as on February 28, 2017, the DSE data shows.