ACI’s share price rose 17 percent to hit Tk 270 in less than half an hour’s trading yesterday all because of an incorrect information disseminated by Dhaka Stock Exchange.
In a web posting, the premier bourse showed that ACI’s earnings per share stood at Tk 5.19 in the positive for the July-September quarter of 2019. It actually was Tk 5.99 in the negative.
As it was the first day after ACI’s disclosure about the loss, there was no trading curb or circuit breaker, which allowed the share price to rise with demand and supply.
The DSE corrected the disclosure after around half an hour of trading.
However, the stock ended the day at Tk 243, which was 6 percent higher than that the previous day.
The DSE has already suspended an official concerned and formed a three-member panel to find out whether it was intentional or an unwilling mistake.
The panel will submit its report within next Sunday.
However, market analysts said ACI’s declaration of 115 percent dividend despite making the first loss in five years of Tk 74 crore in 2018-19 might have influenced the investors into buying its shares.
