The share price of Progati Life Insurance, a listed company in the insurance sector, has been rising uncontrollably on the stock market. Despite the sharp price surge, neither the relevant authorities nor the regulatory body has taken steps to investigate the reason behind this sudden growth. Market insiders believe such unexplained price hikes could put investors’ capital at risk.
According to data from the Dhaka Stock Exchange (DSE), the company’s share price has been climbing steadily and today reached its highest point in the last two years. The price surge began on May 29, when the share was priced at BDT 79.40. Since July 7 of this year, the rate of increase has accelerated significantly.
On July 7, Progati Life’s share price stood at BDT 87. Over the past three months, it has jumped by BDT 176.50 or 202.87%, reaching BDT 263.50.
Due to this continuous surge, on September 7, DSE issued an inquiry notice to the company. In response, Progati Life claimed that the price rise occurred without any price-sensitive information. Still, the upward trend has not stopped. Surprisingly, both DSE and the Bangladesh Securities and Exchange Commission (BSEC) have remained silent spectators in the face of this abnormal situation.
On September 7, the share price was BDT 188.30, meaning it rose by BDT 75.20 or 39.83% in just one month.
It is worth noting that at a board meeting held on July 27, the company reviewed its audited financial statements for the fiscal year ending December 31, 2024, and declared a 15% cash dividend for shareholders. However, this announcement had little to no immediate effect on the share price.
Market analysts warn that such an abnormal rise in share price without any significant price-sensitive disclosures suggests possible market manipulation. They stress that BSEC and DSE must urgently conduct investigations and take strict action to protect investor interests and restore confidence in the market. Otherwise, such uncontrolled price hikes could lead to instability across the broader market.
