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November 18, 2009
Dhaka stocks finished nearly
flat yesterday, led by price
depreciation in Grameenphone
shares on the second day of
its trade.
Although 75 percent of issues
or 175 securities traded up,
the benchmark index of the
premier bourse closed up only
1.7 points, or 0.04 percent.
“The market showed resilience
against a fall in share prices
of Grameenphone,” BRAC-EPL, an
investment firm, said in an
analysis.
Grameenphone, the leading
mobile phone operator, made
its trading debut on Monday as
the largest issue in the
history of Bangladesh capital
market.
At the end of yesterday's
trading session, Grameenphone
shares depreciated 3.5
percent. As a sector, it lost
more than 88 points.
Starting at Tk 176.10, each
Grameenphone share rose as
high as Tk 186 before closing
at Tk 171.10.
The number of trades went down
significantly (less than half)
compared to the previous day.
The value of trade however was
still the highest for the day.
A total of 28,32,800
Grameenphone shares worth Tk
49.88 crore traded on the
Dhaka Stock Exchange.
Grameenphone joined the stock
market with 135 crore ordinary
shares of Tk 10 each. However,
the offer price was Tk 70 per
share, of which Tk 60 was
premium. It raised Tk 486
crore through an initial
public offering (IPO) and
another Tk 486 crore through
pre-IPO or private placement.
The market started high by
gaining about 65 points within
the first 20 minutes of trade.
But the market lost momentum
on profit-taking and a price
fall in Grameenphone. It
continued the losing trend for
the rest of the session.
The total turnover however
increased heavily yesterday,
as investors are moving away
from the 'wait-and-watch'
approach. It increased by 24
percent to Tk 913.81 crore.
A total of 3,13,27,780 shares
and mutual fund units traded
on the DSE.
The banking sector continued
the gaining momentum, as the
sector advanced by 1.66
percent. All non-bank
financial institutions also
rose, with a number of
companies gaining more than 5
percent.
Source: The Dailystar
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