Stocks
Olympic Accessories Sees 78% Surge in Share Price Amid Acquisition Rumors
![olympic accessories](https://en.orthosongbad.com/wp-content/uploads/2022/11/New-Project-96-1.jpg)
In a surprising turn of events, the publicly listed Olympic Accessories Limited, grappling with three consecutive years of losses, experienced a remarkable 78% surge in its share price over just 14 trading sessions. The company’s shares, trading at Tk11.5 each on November 30 at the Dhaka Stock Exchange (DSE), escalated to Tk20.5 by December 20. The share price modestly retreated to Tk18 on the subsequent Sunday.
This surge is not the first instance of an abnormal increase in the share price of the loss-making company; a similar uptick of 75% occurred in June this year when shares reached Tk17.4. Prior to this unusual surge, the shares remained at the floor price for over six months.
Market insiders attribute the recent spike to rumors circulating about a reputed garment accessories firm considering an acquisition of Olympic Accessories. However, in response to DSE’s inquiry, the company denied possessing any undisclosed price-sensitive information (PSI) that could have influenced the share price. Managing Director Golam Kibria dismissed the ownership-changing rumor as unfounded, asserting, “We have no such plans.”
Olympic Accessories has faced financial challenges due to a significant decline in purchase orders amid the global crisis, leading to consecutive losses. Kibria mentioned the management’s efforts to minimize losses in light of the challenging circumstances.
DSE reported that Olympic Accessories’ board of directors fell short of meeting the regulatory requirement of jointly holding a minimum of 30% shares, sparking the acquisition speculation. Currently, the board holds 25.81% shares, down from 44.43% at the end of the 2021-22 fiscal year, according to DSE data.
In the July to September quarter of 2023, the company reported a revenue of Tk37 lakh, compared to Tk1.26 crore in the same period the previous year. Despite efforts to curtail losses, the company incurred a loss of Tk1.42 crore during the quarter, up from Tk1.30 crore a year ago. The per-share loss amounted to Tk0.08, with a net asset value per share of Tk10.97 at the end of September 2023.
Listed on stock exchanges in 2015, Olympic Accessories has struggled to pay dividends to shareholders due to sustained losses.
![](https://en.orthosongbad.com/wp-content/uploads/2023/02/Logo_OS_250_72.webp)
Stocks
Weekly U.S. Stock Market Reports Diverse Performance
![U.S. Stock](https://en.orthosongbad.com/wp-content/uploads/2024/03/7xm.xyz120015.jpg)
Reviewing the U.S. Stock Markets, the Nasdaq Composite, recorded a decent loss of 1,023 points, reaching a closing value of 16,690 points by the end of the week. Similarly, the S&P 500 index showed a positive trend, losing 240 points to settle at 5,408 points. Meanwhile, DJIA Index experienced a notable hike, adding 1,218 points during the week and concluding at 40,345 points after a week of gaining.
In contrast, Russell 3000 Index saw a loss in week performance, with a slight drop of 141 point to reach 3,077 points by the end of the week.
Moving to Russell 2000 Index, demonstrated a notable lost of 126 points, ending the week at 2,091 points.
Stocks
European Stock Weekly Review Highlights Mixed Trend
![stock European](https://en.orthosongbad.com/wp-content/uploads/2023/04/fsdfsdf.webp)
In the Outgoing week, the European stock market displayed a mixed performance.
Here is the data on the weekly performance of the European Stock Market, The STOXX Europe 600 index, which is considered a leading benchmark for the European market and covers approximately 90 percent of the market capitalization across 17 countries, reported a loss of 18.49 points to close at 506.56.
The United Kingdom’s FTSE 100, one of the most widely followed indices in Europe, also showed a significant drop, losing 195 points or finishing the session at 8,181.
In Germany, the DAX 30 index, added by 605 points to reach 18,301, while France’s CAC 40 decreased by 278 points to stop at 7,352 at the end of the trading day.
Italy’s FTSE MIB, which covers the top 40 stocks traded on the Milan Stock Exchange, decreased by 1,081 points to 33,291. However, Spain’s IBEX 35, lost by 228 points, to close at 11,173.
Stocks
Weekly South Asian Stock reports Varied Performance
![south asian stock](https://en.orthosongbad.com/wp-content/uploads/2023/06/New-Project-4.jpg)
A review of South Asian stock markets shows that India’s Bombay Stock Exchange (BSE) index BSE Sensex has lost 1,182 points during the week. At the end of the week, the index stood at 82,365 points. On the other hand, the Nifty-50 index of the country’s National Stock Exchange dropped by 383 points last week. At the end of the week, the index stood at 24,852 points.
Pakistan Stock Exchange Index ‘KSE 100’, added 459 points last week. After a week of losing, the index settled at 79,002 points.
On the other hand, The Sri Lankan stock market index loss, and the Colombo Stock Exchange index ‘ASPI’ decreased by 94 points in a week. After a week the index settled at 10,775 points.
Bhutan’s stock market index ‘BSI’ dropped by 9 points hence the index stood at 1,500 points throughout the whole week. Nepal’s ‘NEPSE’ lost 22 points, therefore the index stands at 2,727 points.
Hence Dhaka Stock Exchange: The benchmark index ‘DSEX’ lost by 75.77 points or 1.31 percent, in the outgoing week. At the end of the week, the index stands at 5,728 points.