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28 March 2024


Business Insider Bangladesh

Chartered Life share price soars 555% in 20 days

BI Report || BusinessInsider

Published: 21:45, 26 November 2022  
Chartered Life share price soars 555% in 20 days

Chartered Life Insurance logo

The stock market of the country has been passing a bearish trend for the last few weeks. However, newly-listed Chartered Life Insurance has shown dominance in price increase throughout the last week in this downtrend market as well.

Shares of Chartered Life touched their daily highs in five trading days last week. As a result, this company occupied the top position of price increase in the Dhaka Stock Exchange (DSE).

Not only last week, this life insurance company touched the maximum price increase every day since the beginning of trading in the stock market.

According to stock market rules, a company’s share price can increase by a maximum of 10 percent in a day.

Since October 30, since the start of trading in the stock market, huge purchase orders have been received for the company’s shares at the highest price of the day on every working day. But, the sales order room remains empty every day.

As a result, in less than a month, the company’s share price increased by 555 percent. The price of each share of Tk 10 has gone up to Tk 65.50.

The company’s share price has increased by Tk 24.60 or 60.15 percent to Tk 65.50 in the last week, which was Tk 40.90 on the last working day of the previous week.

Chartered Life has raised Tk 15 crore from the stock market through IPO to spend on treasury bonds, stock market investment and issue management.

The company issued 1.5 crore shares at Tk 10 in the IPO. Out of this, an ordinary investor got only 31 shares of the company in the IPO.

Meanwhile, despite the increase in the share price, a large number of investors did not want to sell the shares of the company.

As a result, the company’s shares worth Tk 23.98 crore were traded during the week. And the average transaction per working day was Tk 4.79 crore.

 

Nagad
Walton