Bangladesh General Insurance stock soars 46% in five days
On Sunday, the share price stood at Tk65.1 apiece, from Tk44.6 on 27 February
The share price of Bangladesh General Insurance Company has jumped by 46% over the last five trading sessions at the Dhaka Stock Exchange (DSE).
On Sunday, the company's share price stood at Tk65.1 each, a 9.97% jump from the previous trading session.
The DSE had sent a query letter to the company asking it to explain the unusual hike in its share price, to which the insurer replied that it has no undisclosed price-sensitive information.
According to DSE data, the price of Bangladesh General Insurance shares was Tk38.6 each on 10 October last year. Then in about three and a half months, its share price kept on increasing and reached a two-year high of Tk70.2 on 22 January this year.
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But after reaching this peak, the share price continued to fall and hit Tk44.6 on 27 February.
The company is yet to publish its annual financials for the year that ended on 31 December 2022.
According to the DSE, in the January to September period of 2022, the company's earnings per share (EPS) stood at Tk1.56 – a 17% decline from Tk1.88 in the same period of 2021.
In 2021, its annual profit increased by 53% and stood at Tk10.36 crore, compared to the previous year.
The Bangladesh General Insurance Company was listed on the DSE in 1989.
Out of its total 54,027,255 shares, sponsor-directors held 37.87%, institutional investors 41%, and the general public held 21.13% as of January 2023.
