3 cos served query notice over unusual share price hike

The Dhaka Stock Exchange (DSE) has served query notice to three listed companies which recently experienced an abnormal increase in their share prices.

In the query notices, the DSE asked the companies to clarify the reasons why their shares were getting pricier abnormally.

The companies are Ratanpur Steel Re-Rolling Mills, Trust Islami Life Insurance, and Prime Islami Life Insurance, as per separate disclosures filed with the DSE.

The all three companies responded to the DSE queries, and stated the same that there were no undisclosed price-sensitive details that could account for the recent price hikes and surge in trading volume.

Trust Islami Life Insurance also responded to the DSE query, affirming that there was no undisclosed price-sensitive information behind the recent unusual price hikes and increased trading volume.

Over the course of one month, the company's share price experienced a dramatic surge from Tk 12.1 on May 14 to Tk 82.50 on Monday's DSE trading floor.

Similarly, Prime Islami Life Insurance addressed the DSE query, stating that there was no undisclosed price-sensitive information regarding the recent unusual price hike and surge in trading volume.

The company's share price exhibited abnormal growth within a month, jumping from Tk 58.3 on May 14 to Tk 74.20 on Monday's DSE trading floor.

Ratanpur Steel Re-Rolling Mills addressed the DSE query dated June 11, 2023, confirming that there were no undisclosed factors contributing to the abnormal increase in its share price.

Within just one month, the company's stock price rose significantly from Tk 17.7 on May 14 to Tk 22.00 on the DSE trading floor on Monday.