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'Z' category issues continue to dominate gainers’ chart

FE Report | Published: January 11, 2018 10:38:47 | Updated: January 13, 2018 10:34:24


Junk shares have been dominating the gainers chart of the premier bourse amid continuous correction witnessed by blue chip shares in recent time.

Some 'Z' category companies recently informed that there is no undisclosed price sensitive information responsible for unusual price hikes.

Nevertheless, those junk shares have been observing abnormal price hikes riding on investors' participation.

Out of 20 companies, which were on top of gainers chart on Wednesday, 15 were 'Z' category companies.

Of the companies, Jute Spinners was number one gainer though the company is not in operation since June, 2016.

Jute Spinners, Shinepukur Ceramics, Imam Button, Sinobangla Industries, Beximco Synthetics, Shyampur Sugar Mills, Bangas and Dacca Dyeing & Manufacturing grabbed the top gainers' chart.

These companies share price rose between 4.59 per cent and 9.57 per cent on Wednesday in the premier bourse DSE.

Jute Spinner topped the gainers chart with a rise of 9.57 per cent to close at Tk 166.60. The company's share price soared 60 per cent or Tk 62.30 in last eight sessions.

Meanwhile, Jute Spinners expressed its surprise over the unusual price hike observed recently.

"We are surprised at the unusual price hike of shares and the volume of trade in the market," Jute Spinners said in a disclosure adding that their factory remained closed since June, 2016.

"…we have no undisclosed decision/information relating to our company's operation/profitability regarding unusual price hike in the market and the reason behind the unusual price of shares of our company is fully unknown to us," the company added.

Share trading of Shinepukur Ceramics closed at Tk 19.90 with a rise of 6.99 per cent on Wednesday. The company's share price rose 20 per cent in last nine sessions in a row.

The share price of Imam Button rose 15 per cent in last 10 sessions to close at Tk 39 as of Wednesday.

Sinobangla Industries witnessed 15 per cent price hike in 11 sessions in a row and the company's share trading closed at Tk 58.80 on Wednesday.

The share price of Beximco Synthetics rose 6.67 per cent to close at Tk 9.60 on Wednesday. The company's share price rose 13 per cent in last four sessions in a row.

Share trading of Shyampur Sugar Mills closed at Tk 60.10 with a rise of 6.66 per cent on Wednesday.

The share price of Bangas rose 4.92 per cent to close at Tk 204.10 on Wednesday. The company's share price jumped to Tk 204.10 from Tk 160.5 during December 26, 2017 to January 10.

The share trading of Dacca Dyeing & Manufacturing closed at Tk 9.0 with a rise of 4.60 per cent on Wednesday.

The top 20 gainers also included more seven 'Z' category companies on Wednesday. The companies are: Meghna Pet Industries, Savar Refractories, Samata Leather, Dulamia Cotton Spinning, Makson Spinning Mills, Meghna Condensed Milk Industries and Zeal Bangla Sugar Mills.

The companies' share price rose between 2.64 per cent and 3.62 per cent on the penultimate working day of the week.

mufazzal.fe@gmail.com

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