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Monno Jute share declines 16.5%

  • Published at 10:43 pm October 24th, 2019
web-DSE-File photo of Dhaka Stock Exchange Limited
File photo of Dhaka Stock Exchange Limited Mehedi Hasan/Dhaka Tribune

There was no price limit or circuit breaker as the company made its corporate declaration on the day

Monno Jute Stafflers Ltd on Thursday turned out to be the worst loser in Dhaka Stock Exchange (DSE) as the share price in the company fell 16.54% or Tk180.

Each share of the company closed at Tk 908.40, from Tk1,090.40 in the previous session. 

There was no price limit or circuit breaker as the company made its corporate declaration on the day.

“Since the company failed to retain the trust of the investors, its share prices tumbled,” said Shakil Rizvi, the president of Dhaka Stock Exchange Brokerage Association.

He said the Monno Jute was junk scrip and the investors understood the reality.

Meanwhile, the board of directors of Monno Jute Stafflers on Wednesday recommended 20% stock dividend for the year ended on June 30, 2019 which was 350% last year.

The final approval of dividend will come during the Annual General Meeting (AGM) scheduled to be held on December 5. 

The company also reported earnings per share (EPS) of Tk2.74 for the year ended on June 30, 2019 as against Tk1.94 for the same period of the previous year. 

Recently, the securities market regulator BSEC directed the DSE to visit Monno Ceramic Industries and Monno Jute Stafflers to inspect their activities amid manipulation allegation in  the stock prices of the companies in questions.

Monno Jute Stafflers was listed on Dhaka Stock Exchange in 1982. The company’s paid-up capital is Tk two crore.