Investigative authorities question Hakkani Pulp and Gemini Sea Food regarding escalating prices
The Dhaka Stock Exchange (DSE), a significant stock exchange in Bangladesh, has been investigating an unusual surge in share prices and trading volumes for two listed companies, Hakkani Pulp and Paper Mills and Gemini Sea Food.
Over a period of six days, Hakkani Pulp's share prices jumped approximately 23%, while Gemini Sea Food's share prices rose roughly 23% over 11 days. However, there was no disclosure of any material information to explain these surges [1].
Both companies, currently in weak business condition, have stated that there is no undisclosed, price-sensitive information to account for the sharp rise in their share prices and trading volumes [2].
The DSE has issued queries to Hakkani Pulp and Paper Mills and Gemini Sea Food due to these unusual surges, with the investigation likely to uncover any potential insider trading or market manipulation activities [3].
Such price and volume spikes without disclosed information can be attributed to various factors. These include speculative interest or market rumours, liquidity and momentum trading, market manipulation concerns, and sector or market-wide factors [4].
Market insiders have cautioned that such stocks, including those of Hakkani Pulp and Paper Mills and Gemini Sea Food, may be targeted by manipulators, posing risks to general investors [5].
On August 14, Gemini Sea Food's closing share price was Tk178.60, while Hakkani Pulp's closing share price was Tk80.90 [6].
As the investigation continues, the unusual surges in share prices for Hakkani Pulp and Paper Mills and Gemini Sea Food have raised concerns about market integrity and transparency. The DSE is working diligently to ensure that the exchange remains fair and reliable for all investors.
[1] The Dhaka Stock Exchange (DSE) has issued queries to Hakkani Pulp and Paper Mills and Gemini Sea Food due to an unusual surge in their share prices and trading volumes. [2] Both Hakkani Pulp and Paper Mills and Gemini Sea Food have stated that there is no undisclosed, price-sensitive information to explain the recent sharp rise in their share prices and trading volumes. [3] The Dhaka Stock Exchange (DSE) is investigating the unusual surges in share prices for Hakkani Pulp and Paper Mills and Gemini Sea Food. [4] Market insiders have cautioned that such stocks, including those of Hakkani Pulp and Paper Mills and Gemini Sea Food, may be targeted by manipulators, posing risks to general investors. [5] Over a period of 11 days, Gemini Sea Food's share prices rose roughly 23%, while over a period of six days, Hakkani Pulp's share prices jumped approximately 23%. [6] On August 14, Gemini Sea Food's closing share price was Tk178.60, and Hakkani Pulp's closing share price was Tk80.90. [7] These surges occurred despite no disclosure of any material information. [8] Sometimes gains in related sectors or broad market conditions can influence specific stocks disproportionately. [9] No official financial or material developments were announced by Hakkani Pulp and Gemini Sea Food to justify such surges. [10] The unusual surges in share prices for Hakkani Pulp and Paper Mills and Gemini Sea Food have raised concerns about market integrity and transparency. [11] The investigation is likely to uncover any potential insider trading or market manipulation activities. [12] Speculative interest or market rumours, liquidity and momentum trading, market manipulation concerns, and sector or market-wide factors can contribute to unusual surges in share prices.
The Dhaka Stock Exchange (DSE) is investigating potential insider trading or market manipulation activities related to the unusual surges in share prices for both Hakkani Pulp and Paper Mills and Gemini Sea Food, raising concerns about market integrity and transparency. These stocks may be targeted by manipulators, posing risks to general investors, as indicated by market insiders.
