The Dhaka Stock Exchange (DSE) has detected unusual price increases in the shares of three listed companies Baraka Power, Sharp Industries and New Line Clothings and advised investors to exercise caution when investing in them.
The DSE said on Wednesday that Baraka Power and Sharp Industries responded to its queries seeking explanations for the unusual price movements, while New Line Clothings did not provide any response within the stipulated time.
In their responses, Baraka Power and Sharp Industries said they had no undisclosed price-sensitive information (PSI) that could explain the sharp rise in their share prices. The companies, therefore, could not identify any specific reason behind the unusual price increases.
The DSE had also sought an explanation from New Line Clothings over the matter, but the company failed to respond within the deadline.
According to DSE data, Baraka Power’s share price rose from Tk8 on July 27 to Tk10.50 on August 11. The stock gained Tk2.50, or around 31%, in just 10 trading sessions.
Sharp Industries recorded an even steeper rise. Its share price stood at Tk15.30 on May 3 and climbed to Tk42.90 by August 11, marking an increase of Tk27.60, or nearly 180%, in about three months.
Meanwhile, New Line Clothings’ share price increased from Tk5.10 on July 12 to Tk7 on August 11. The stock gained Tk1.90, or around 37%, in one month.
Against the backdrop of the unusual price movements, the DSE has advised investors to remain cautious while making investment decisions involving the three companies.
