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Rumours stoke up stocks of Queen South, Legacy Footwear

Ahsan Habib
The share prices of Queen South Textile and Legacy Footwear almost doubled in the last one month for no apparent reason, in a puzzling development given the ongoing bear run in the market.
The DSEX, the benchmark index of the Dhaka Stock Exchange, fell 452 points, or 7.77 percent, to 5,361.09 in the last one month.
And yet, Queen South Textile's share price more than doubled to Tk 55.10, though it saw a trivial
correction yesterday.
Probed by the DSE about the unusual price hike, Queen South Textile informed that there is no undisclosed price-sensitive information.
But market insiders said there is a rumour going round that directors of Queen South Textile are Chinese, so when the Chinese institutional investors eventually enter the market by way of DSE's new strategic partners, this company would be chosen by them for investment.
The four sponsor directors of Queen South Textile are from Hong Kong: Wong Jammy Kwok Chan (managing director), Wong Kwok Chun (chairman), Wong Elisa Dai Wah (director) and Lee Hung Chun (director). "Foreign institutional investors always choose a company on the basis of its performance and not on the directors' nationality,” said the managing director of a leading brokerage house requesting anonymity.
If the company itself thinks its share price deserves to be higher, it could ask a premium, said Abu Ahmed, a former chairman of Dhaka University's economics department and a capital market expert.
"But it got listed in March last year at face value. When the company itself doesn't think it can get a higher price based on its performance, why are investors flocking to buy this share at a higher price?"
The company's earnings per share in the first quarter of 2018 was Tk 0.27, down from Tk 0.48 a year earlier. As of March 31, its net asset value wasTk 17.10.
It is the same case with Legacy Footwear, which saw its share price soar 60 percent in the last month toTk 84.50.
Market insiders said there is a rumour that Legacy Footwear will merge with a shoemaker, but the company has dismissed it. Still, investors are hankering to buy the stock at a high price.
The company's EPS was Tk 0.56 in the
first quarter of the year, which was Tk 0.04 in the negative a year earlier.
As of March 31, its NAV wasTk 15.65.
Meanwhile, it was yet another gloomy day as the DSEX declined 30.79 points, or 0.57 percent, to end yesterday at 5,361.09.
Turnover, another important indicator of the market, soared 11.45 percent toTk 488.60 crore, with 10.70 crore shares and mutual fund units changing hands on the DSE. Of the traded issues, 60 advanced, 230 declined and 39 closed unchanged on the premier bourse.
Brae Bank dominated the turnover chart with its transaction of 39.39 lakh shares worth Tk 28.93 crore, followed by Intraco Refuelling Station, BSRM, Queen South Textile and Legacy Footwear. Intraco Refuelling was the day’s best performer, posting a gain of 9.39 percent, followed by Legacy Footwear, Brae Bank and Fine Foods.
Jamuna Bank was the day's worst loser, shedding 20.52 percent, followed by Paramount Insurance, Social Islami Bank, Dragon Sweater and Exim Bank.
The port city bourse's benchmark index, CSCX, also fell -- by 18.10 points, or 0.21 percent—to finish the day at 10,046.02.
Losers beat gainers as 131 stocks declined and 58 advanced, while 24 finished unchanged on the Chittagong Stock Exchange. The port city bourse traded 64.81 lakh shares and mutual fund units worth Tk 18.54 crore.