Eastern Cables’ share price continues to rise despite poor financials

The share price of Eastern Cables Ltd crossed Tk 200 as it gained over 9 percent at the beginning of trading on Wednesday.

Despite negative earnings and losses, the company’s share price continues to rise abnormally since the end of June.

According to Dhaka Stock Exchange (DSE) data, on June 30, Eastern Cables’ price was Tk 143 a share, which rose to Tk 218 on September 19. On Wednesday, it gained 9.95 percent to Tk 201 per share.

Meanwhile, trading began on the DSE on Wednesday on a positive note and it continued till filing the report at 12-09pm.

The benchmark index of DSE, DSEX has increased over 26 points or 0.40 percent to 6,515.

Among other indices, the shariah-based DSES was up by 7 points and the blue-chip DS-30 rose 10 points.

Over Tk 770 crore worth of shares transacted so far in DSE, where Beximco Limited, Orion Pharma and Eastern Housing were the top three traded stocks.

Earlier, on Tuesday, DSEX, the benchmark index of the Dhaka bourse, declined by 22 points or 0.33 percent to settle the day at 6,489.

Among other indices, the shariah-based DSES fell by 7.42 points or 0.52 percent and the blue-chip DS-30 was down by 15.47 points or 0.66 percent.