DSE halts trading of Usmania Glass, Meghna PET shares
Bourse cites unusual price hikes, higher volume
The Dhaka Stock Exchange today (9 July) suspended trading in shares of two non-functional listed companies – Usmania Glass Sheet Factory and Meghna PET Industries – due to abnormal price increases.
In separate disclosures, the bourse halted trading in shares of both companies midway through the session.
The disclosures said trading in shares of both companies was halted for the rest of yesterday's session due to unusual price hikes and increased share volume.
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According to DSE data, both companies have remained closed for years and have been incurring losses.
Despite this, their share prices have risen abnormally.
Usmania Glass Sheet Factory's share price rose to Tk70.20 yesterday from Tk37.30 on 22 June, marking an 88% increase, DSE data showed.
Citing the unusual rise, the bourse halted trading in shares of the state-owned company.
Meghna PET Industries saw a similar trend. Its share price rose 37% to Tk90 yesterday from Tk65.30 on 22 June.
Its six-month trading data showed the share price climbed to Tk91.10 on 3 June from Tk19.20 on 11 January.
After the abnormal rise, the share price fell to Tk65.30 on 22 June before rising again.
As part of efforts to curb manipulation, the DSE has recently been halting trading in shares of companies showing abnormal price movements.
Earlier, the bourse suspended trading in Zeal Bangla Sugar Mills on 7 July for the rest of that trading session.
Yesterday, Zeal Bangla shares hit the upper circuit, rising 9.99% to Tk198.10 each.
