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The Financial Express

Five companies' stocks keep rising sans price sensitive information

| Updated: August 09, 2021 10:02:47


Five companies' stocks keep rising sans price sensitive information

Five listed companies' stocks are witnessing unusual price hike and an increase in the volume of shares in recent weeks despite no undisclosed price sensitive information (PSI).

The companies are Sonali Paper & Board Mills, Beacon Pharmaceuticals, AFC Agro Biotech, Active Fine Chemicals, and Central Pharmaceuticals.

These companies' share prices rose between 30 per cent and 84 per cent in a span of one month while some shares hitting one year highest price on Tuesday.

Following their 'abnormal' price hike, Dhaka Stock Exchange (DSE) served a show-cause notice on the companies last week.

The companies, however in knee-jerk responses informed the DSE that there is no undisclosed price sensitive information of their companies for recent unusual price hike and increase in the volume of shares.

Some of the stocks continued to rise despite DSE's notice and several attempts to discourage investors to pour money into the shares.

Within a month, share price of Beacon Pharmaceuticals jumped more than 84 per cent to close at Tk 230.90 on Tuesday. Its share price was Tk 125 a month earlier. The drug maker's stocks rose 200 per cent in the last one year.

Share price of Sonali Paper rose 64 per cent in a month to close at Tk 384.50 on Tuesday. The company's share price was Tk 234 a month ago. The low-cap Sonali Paper re-listed on the DSE a year earlier, after remaining in the over-the-counter (OTC) market since 2009.

AFC Agro Biotech's share price soared 59 per cent in a month to close at Tk 33.70 on Tuesday after hitting one year highest price. The company's share price was Tk 21.20 a month earlier.

Share price of Central Pharma jumped about 35 per cent to close at Tk 18.80 on Tuesday. The company's share price was Tk 14.20 each a month earlier.

Active Fine Chemicals share price rose 30 per cent in a month to close at Tk 25 on Tuesday. Its share price was Tk 20 each.

Share prices of the companies are on the rise, although transaction and price movement of these companies' shares do not match their fundamentals, said an analyst.

He noted that some influential investors by disseminating rumours are trying to manipulate the prices of shares of the companies under question.

The investors need to be cautious and should not pay heed to any rumours related to companies and take their investment decisions prudently, he added.

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