Stocks
BSEC Investigates Unprecedented Surge in Khulna Printing’s Share Price
The share price of Khulna Printing & Packaging Limited, a non-operational entity under the Lockpur Group, has surged by an astonishing 260% in two months following the return of the group’s owner, SM Amzad Hossain. Hossain, who also served as the former chairman of South Bangla Agriculture and Commerce Bank, had fled the country in 2021 amidst misappropriation of funds, despite an imposed travel ban by the Anti-Corruption Commission (ACC). After his return in October this year, Khulna Printing’s share price soared, reaching Tk33 apiece in early December. The Bangladesh Securities and Exchange Commission (BSEC) is investigating the unusual surge, with market insiders attributing the rise to rumors of ownership changes and the factory’s potential reopening.
In response to the surge, Mohammad Rezaul Karim, executive director of BSEC, stated that the commission has directed the Dhaka Stock Exchange to investigate and will take necessary action based on the findings. Rumors about changes in ownership and a possible reopening of the factory have contributed to the abnormal increase in share prices, while cautious investors show interest in small-cap stocks.
SM Amzad Hossain, the Chairman of Khulna Printing, clarified that the company had to cease operations due to frozen bank accounts, and efforts are underway to unfreeze accounts for group-wide operations. Following a court order, 933 bank accounts linked to Hossain were frozen on embezzlement charges, affecting operations across various companies.
Khulna Printing, which raised Tk40 crore from the stock market in 2014, has faced financial challenges, incurring losses for five consecutive years till the fiscal year 2021-22. Despite the recent surge in share prices, financial statements and ACC probes indicate concerns about the company’s true business situation.
Dhaka Stock Market DSE, Bourse on the last working day of the week, 25th July, ended with a hike in Indices and Turnover from the previous working session. This information is known from DSE sources.
497 crore 34 lakh taka shares were traded on this day. 337 crore 97 lakh more tradings were done in DSE today compared to the previous workday, July 24th, Shares worth Tk 159 crores 37 lakh shares were traded last time, Wednesday.
The benchmark DSEX increased 62.81 points or 5,413 The Shariah-based index DSES added 13.81 points or 1,183 and the blue-chip index DS30 gained by 24.25 points or 1,932.
Of the issues traded, 286 advanced, 66 declined and 40 remained unchanged.
Techno Drugs Limited ranked top gainer on DSE, the share price increased by Tk 3.80 paisa or 9.87 percent. On this day, the share was last traded at Tk 42.30 paisa.
Rangpur Foundry Limited ranked top loser on the DSE, the share price dropped by Tk 5.40 paisa or 2.98 percent. On this day, the share was last traded at Tk 175.70 paisa.
DSE topped on trade is Square Pharmaceuticals PLC 35 crore 9 lakh takas of company shares have been traded.
A total of 28 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 82 lakh 94 thousand 29 shares of the companies were traded. The financial value of which is 21 crore 92 lakh taka
One of the listed companies, Eastland Insurance Company Limited discloses its financial reports for the second quarter, (April – June 24).
The company’s earnings per share (EPS) Tk 0.27 paisa in Q2 of the current financial year (April – June 24). EPS was Tk. 0.41 for January-June 2024 as against Tk. 1.47 for the same period last year. EPS was Tk 0.80 paisa during the same period last year. NAV per share was Tk. 20.85 as of June 30, 2024.
One of the listed companies, Shahjalal Islami Bank PLC discloses its financial reports for the second quarter, (April – June 24).
The company’s Consolidated earnings per share (EPS) Tk 1.50 paisa in Q2 of the current financial year (April – June 24). Consolidated EPS was Tk. 1.50 for January-June 2024 as against Tk. 1.47 for the same period last year. EPS was Tk 0.80 paisa during the same period last year. Consolidated NAV per share was Tk. 20.85 as of June 30, 2024.
