Pragati Life Insurance shares surge 33%, DSE serves query
The company responded having no undisclosed price-sensitive information
The share price of Pragati Life Insurance surged by 33% to Tk263.5 each on 6 October, up from Tk197.5 just seven trading days earlier on 24 September.
Following the unusual price hike, the Dhaka Stock Exchange (DSE) today (7 October) issued a query to the company.
In response to the query, Pragati Life Insurance stated that it had no undisclosed price-sensitive information that could explain the sharp rise in price and trading volume.
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According to the DSE, on 24 September, the price of Pragati Life Insurance's each share was Tk197.5, which increased to Tk263.5 each.
After the DSE's query, the insurer's share price edged down 0.65%, or Tk1.7, to Tk261.8 each on Tuesday. A total of 6.85 lakh shares worth Tk18.5 crore were traded on the day.
In 2024, the life insurer had paid 15% cash dividend to its shareholders.
As of September, out of its total 3.25 crore shares, sponsor-directors held 40.62%, institutional investors 22.73% and the general investors held 36.65% shares of the company, according to DSE data.
