2024-09-28 08:26:23
The share price of Islami Bank Plc, a company listed in the banking sector in the capital market, is increasing at an abnormal rate without any price sensitive information or reason. The company authorities have informed the Dhaka Stock Exchange (DSE), the main stock market of the country.
On Thursday (September 26), Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) informed this information.
On September 25, DSE sent a notice to the company seeking to know the reason for the abnormal increase in the share price. In response to that letter, the company informed that the share price of the company is increasing without any undisclosed price sensitive information.
Incidentally, the share price of Islami Bank was Tk 39.20 on September 19. It stood at Tk 70.40 at the end of trading on September 25. That is, in 12 working days, the share price of the bank increased by 31.20 taka or about 80 percent.
The DSE authorities consider the increase in the company’s share price to be unusual.
Meanwhile, the capital market regulatory body Bangladesh Securities and Exchange Commission (BSEC) has instructed DSE to investigate the reason for the abnormal increase in the share price of Islami Bank PLC on Wednesday (September 25).
In the letter sent to the Chief Regulatory Officer of DSE, it was mentioned that the share price and transactions of Islami Bank have increased recently, which is unusual and suspicious. In this situation, DSE has been ordered to investigate the bank’s transactions. It has been asked to submit an investigation report to the surveillance department of BSEC within 30 working days identifying the reasons for the abnormal increase in the bank’s share price and transactions (including market manipulation, insider trading and other market abuses).
The letter also mentions that during the investigation, if the company violates Rules 6 and 8 and Rule 11 of the Securities Exchange Commission (Stock Dealers, Stock Brokers and Authorized Representatives) Rules of Conduct 2000, the same should be immediately reported to the concerned AR/Compliance Officer/CEO.