Business Desk :
Experts expressed worries on Sunday when the share price of Far East Knitting & Dyeing rose around 35 per cent in a single day after the company recommended 10 per cent cash dividend for its shareholders.
The company’s 1.91 crore shares changed hands on Sunday and the price of its shares soared to Tk 24.10 from the day’s opening price of Tk 17.90.
“Some manipulators must have been there behind the scene to fuel it to go so high,” said a top official of a merchant bank, preferring anonymity.
Normally a stock is not allowed to rise by more than 10 per cent in a day and there remains no circuit breaker for a stock on the day it issues its disclosure, he said.
Manipulators take benefit of Far East Knitting as it issued its disclosure on Sunday, he added.
“The company did not show any miraculous performance in recent times, which may cause the share price to increase so much. It is clearly a case of manipulation,” said the merchant banker. The knitting company’s earnings per share was Tk 0.79 in the end of the last financial year that ended on June 30 of 2021.
