Subsidiaries of Monno Group see unusual share price hike
Shares of Monno Ceramic Industries and Monno Jute Stafflers, two subsidiaries of Monno Group, saw unusual price hike since the death of the group's founder Harunar Rashid Khan Monno on August 1.
The price of share of Monno Ceramic, the flagship company of the group, more than doubled to Tk 108 yesterday from Tk 43.40 on August 1 on the Dhaka Stock Exchange (DSE).
Share prices of Monno Jute Stafflers rose 46 percent to Tk 850.10 from Tk 580.
The death of the industrialist brought changes to the leadership of the two listed companies.
Monno's wife Huron Nahar Rashid was elected as the chairman of Monno Ceramic, while daughter Afroza Khan took charge of the company as managing director.
For Monno Jute Stafflers, Afroza Khan was elected as the chairman and Huron Nahar Rashid the managing director, according to DSE disclosure.
The Bangladesh Securities and Exchange Commission and the DSE are concerned about the unusual price hike.
On September 9, the commission formed an enquiry committee to investigate the unusual movement in price.
The DSE queried the two companies several times about the hike. In reply, both the companies said there had been no disclosure of price sensitive information. Earnings per share of Monno Ceramic plunged to Tk 0.02 in the first quarter of the current year compared to Tk 0.07 in the same period last year.
YESTERDAY'S MARKET
Dhaka stocks ended on a positive note yesterday. The benchmark index of the premier bourse—DSEX—advanced 19.3 points to close at 6,203.90.
However, the daily turnover fell 21 percent to Tk 1,124 crore yesterday compared to the previous session.
The market opened the session on a positive note and gained 49 points in the first hour of the trade, according to the daily market analysis of UCB Capital Management.
The market retraced some of the early gains as the session progressed after some minor corrections in the banking and financial equities, according to the analysis. Among the large cap sectors, pharmaceuticals and food and allied sectors posted 1.5 percent and 0.7 percent gains respectively. The banking sector witnessed a loss of 0.55 percent.
LankaBangla Finance was the market leader with a turnover of Tk 38 crore followed by Square Pharma with Tk 32 crore. At the DSE, 182 securities gained, 112 declined and 38 remained unchanged. The DS30 and DSES indices were up 12.98 and 13.05 points respectively.