Gamblers playing foul with junk company shares


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Gamblers playing foul with junk company shares

Soon after the capital market bounced back in life-line with both volume and value a group of gamblers are creating artificial demand for ‘Z’ category non-operational company shares to make general investors fool again, sources said

Along with Zeal Bangla Sugar Mills share prices of non performing shares like Safco Spinning, MB Pharma, Bangaj, Apex Food and Apex footwear are rising abnormally high without any reason.

Zeal Bangla Sugar Mills is the most reckless company in this list. A month ago, the share price was Tk 31 . Today it is being bought and sold for Tk 94.50 . The company’s share price has risen more than 190 percent during this period. And in the last 10 working days it has increased by 70 percent. At the same time, the share price of Safco Spinning has increased by 32 percent without any reason. Similarly, the share prices of some more companies including Apexfood, Apexfootwear, MB Pharma, Bangaj are seen to rise at an abnormal rate.

Market participants think the issue is ‘unusual’. In their opinion, the share prices of some relatively weak companies in the market are rising abnormally. So investors need to be careful. In this context, DSE Director Shakil Rizvi told Business Mirror, “The capital market is now slowly moving towards stability, investors are also returning to the market, which is good news.” However, they will be requested not to make any mistakes. They have to keep their capital safe. ‘

He said there are many good fundamentals company in the capital market now. If they can invest in a good company without leaning towards a weak company, then they can expect good results. ‘ On the other hand, another DSE director, who did not want to be named, said, “Opportunists are flocking to the upward market.” At this time many people want to achieve their interests. The word should be kept in the minds of investors. Because whoever has the capital, it is his responsibility to keep it safe. ‘

“Investors in our country are more aware than ever,” he said. As a result, they should not listen to anyone else’s words or rumors to trade shares with. Before investing, they have to decide whether the company they are investing in is risk free or not. If the decision is wrong, they will have to pay the price. ‘

Meanwhile, a coordination and oversight committee was formed last year from the finance department of the finance ministry to bring the capital market back to normal. The committee was reconstituted last Monday. The Financial Institutions Division has issued a notification in this regard.

The circular said that the scope of work of the Capital Market Coordination and Supervision Committee has remained unchanged. The committee was reconstituted with Nahid Hossain as Member Secreatry.

The reconstituted committee has three more members are an Executive Director of Bangladesh Bank, an Executive Director of Bangladesh Securities and Exchange Commission and a Managing Director of Investment Corporation of Bangladesh.



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