Shares of certain companies are being traded at 'astronomical' prices on the Dhaka Stock Exchange with the rise in trade volume.
A number of market watchers have urged the securities regulator to see whether there was any foul play at work.
The premier bourse's records show that share prices of 22 companies, some of them losing concerns, increased by over 50 percent over the last one and a half months. The price of a particular issue went up as much as more than 200 percent.
On July 16, the DSE General Index ended at 3,994 points. Only a day later, the DGEN and turnover started going uphill. On Tuesday, the DGEN was 4,413.90 points, registering a 419.82-point or 10.51-percent rise over the last 32 working days.
Shares of four newly-listed companies have topped the list of most gainers, which incidentally were losing after listing. Over the past one and a half months, all the four scrips have been on top of the list of gainers.
Of them, Amra Technologies have added 231.5 percent over the period. The issue has been traded at its ceiling price for the last three working days.
Bangladesh Submarine Cable Limited (BSCL) had a 175.17 percent gain, Unique Hotels and Resorts 138.18 percent rise and Saiham Cotton Mills shares rose by 68.83 percent.
The newly listed companies aside, companies that have been counting loses have also seen 'abnormal' hikes. Textiles issue Malek Spinning has had its shares going up by 90.91 percent while Metro Spinning's issue rose by 56 percent over the last 32 days.
Delta Spinners Limited saw a 91.44-percent rise hiking its Price Earning ratio (PE) to 30.08. Maksons Spinning Mills Limited's price rose by 57.39 percent and its PE reached 268.74.
Former Chairman of Securities and Exchanges Commission (SEC) Dr AB Mirza Azizul Islam pointed out that the hike of prices of only a handful of shares is not a 'good' trend. "I don't understand why the investors are still buying after seeing such price hikes."
Over the last 32 days, Saiham Textiles saw a 70.79 percent rise, R N Spinning 58.6 percent and Prime Textiles 50.3 percent.
Meanwhile, a number of issues in the pharmaceuticals, power and energy, engineering, insurance and food sectors have gone up by 50 percent.
GBB Power rose 86.89 percent in the past 32 trading days, RD Food 78.28 percent, City General Insurance 72.60 percent, BD Thai 67.70 percent, Salvo Chemical 65.27 percent, Rupali Insurance 65 percent and BEDL 62.36 percent.
Goldenson rose 61.37 percent, Active Fine Chemical 58.22 percent, United Air 55.04 percent and Deshbandhu Polymer 52.86 percent in the same period.
Professor Mohammad Musa who teaches at a private university told bdnews24.com, "The fluctuation in the past few days was natural. But prices of some particular issues increased abnormally."
"It should be checked whether the prices are pushed up by syndicates in such a short period," he said.
"The prices of shares of several firms that suffered losses are increasing. Many issues are advancing despite inconsistencies in the income of their firms. The regulators should look into these issues," he added.
DSE President Rakibur Rahman said, "The issue here is not to verify whether the prices are increasing or decreasing, but to check whether any syndicate is manipulating the prices. The SEC should strengthen its monitoring."
"The market should be allowed to continue at its own pace under strict supervision," he added.
A number of market watchers have urged the securities regulator to see whether there was any foul play at work.
The premier bourse's records show that share prices of 22 companies, some of them losing concerns, increased by over 50 percent over the last one and a half months. The price of a particular issue went up as much as more than 200 percent.
On July 16, the DSE General Index ended at 3,994 points. Only a day later, the DGEN and turnover started going uphill. On Tuesday, the DGEN was 4,413.90 points, registering a 419.82-point or 10.51-percent rise over the last 32 working days.
Shares of four newly-listed companies have topped the list of most gainers, which incidentally were losing after listing. Over the past one and a half months, all the four scrips have been on top of the list of gainers.
Of them, Amra Technologies have added 231.5 percent over the period. The issue has been traded at its ceiling price for the last three working days.
Bangladesh Submarine Cable Limited (BSCL) had a 175.17 percent gain, Unique Hotels and Resorts 138.18 percent rise and Saiham Cotton Mills shares rose by 68.83 percent.
The newly listed companies aside, companies that have been counting loses have also seen 'abnormal' hikes. Textiles issue Malek Spinning has had its shares going up by 90.91 percent while Metro Spinning's issue rose by 56 percent over the last 32 days.
Delta Spinners Limited saw a 91.44-percent rise hiking its Price Earning ratio (PE) to 30.08. Maksons Spinning Mills Limited's price rose by 57.39 percent and its PE reached 268.74.
Former Chairman of Securities and Exchanges Commission (SEC) Dr AB Mirza Azizul Islam pointed out that the hike of prices of only a handful of shares is not a 'good' trend. "I don't understand why the investors are still buying after seeing such price hikes."
Over the last 32 days, Saiham Textiles saw a 70.79 percent rise, R N Spinning 58.6 percent and Prime Textiles 50.3 percent.
Meanwhile, a number of issues in the pharmaceuticals, power and energy, engineering, insurance and food sectors have gone up by 50 percent.
GBB Power rose 86.89 percent in the past 32 trading days, RD Food 78.28 percent, City General Insurance 72.60 percent, BD Thai 67.70 percent, Salvo Chemical 65.27 percent, Rupali Insurance 65 percent and BEDL 62.36 percent.
Goldenson rose 61.37 percent, Active Fine Chemical 58.22 percent, United Air 55.04 percent and Deshbandhu Polymer 52.86 percent in the same period.
Professor Mohammad Musa who teaches at a private university told bdnews24.com, "The fluctuation in the past few days was natural. But prices of some particular issues increased abnormally."
"It should be checked whether the prices are pushed up by syndicates in such a short period," he said.
"The prices of shares of several firms that suffered losses are increasing. Many issues are advancing despite inconsistencies in the income of their firms. The regulators should look into these issues," he added.
DSE President Rakibur Rahman said, "The issue here is not to verify whether the prices are increasing or decreasing, but to check whether any syndicate is manipulating the prices. The SEC should strengthen its monitoring."
"The market should be allowed to continue at its own pace under strict supervision," he added.
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