BSEC asks DSE to investigate unusual price surge of IBBPLC shares

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Dhaka, Sep 25 - The Bangladesh Securities and Exchange Commission (BSEC) has instructed the Dhaka Stock Exchange (DSE) to investigate the unusual surge in share price of Islami Bank Bangladesh PLC.

The BSEC in an order on Wednesday said it has observed that the price and volume of shares of Islami Bank fluctuated significantly in recent times, which seems unusual and suspicious.

The DSE will investigate the trading of Islami Bank shares from August 6 to September 25 to identify the reasons including market manipulation, insider trading, and other market abuses behind such unusual movement of price and volume of units of the said scrip, the BSEC order said.

Stock market analysts said that some business groups are trying to become the directors of Islami Bank, so they are buying a big volume of the shares. As a result, the prices of this bank’s shares increased sharply in recent times. - UNB