Stocks witnessed an upward trend in early trading on Thursday as Robi, the biggest-ever issue made a flying trading debut.
Robi is the largest public offering in the history of Bangladesh’s capital market, and now it is the biggest-ever issue that is being traded on the market.
Hundreds of investors including some of the IPO lottery winners are found crowding in front of trading stations to place buy orders as they hope the stock value will see a significant rise soon, but sellers were reluctant to sell at low prices, said a leading broker.
The Robi’s share reached at Tk 15 each on the DSE at the opening, soaring 50 per cent, the highest allowable limit on its issue price of Tk 10 each.
Within the first 30 minutes of trading, some 69 trades were executed with a trading volume of 32,861 shares of Robi, according to DSE.
Meanwhile, following the previous day’s upbeat notes, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened higher with rising trading activities.
Within the first 30 minutes of trading, the DSE key index advanced more than 34 points while the CSE All Share Price Index- CASPI rose 68 points at 10:30 am when the report was filed.
DSEX, the prime index of the DSE, went up by 34.15 points or 0.67 per cent to reach 5,167 points at 10:30 am.
Two other indices also saw an upward trend till then. The DS30 index, comprising blue chips, gained 18.26 points to reach 1,854 points and the Shariah Index (DSES) rose 6.35 points to stand 1,192 points till then.
Turnover, another important indicator of the market, stood at Tk crossed Tk 2.0 billion-mark within the first 30 minutes of trading to Tk 2.12 billion when the report was filed at 10:30 am.
Of the issues traded till then, `167 advanced, 59 declined and 93 remained unchanged.
Beximco was the most traded stock till then with 6.81 million shares worth Tk 301 million changing hands, followed by Beximco Pharma, Shinepukur Ceramic, Bangladesh National Insurance, and LafargeHolcim.
The port city bourse – the Chittagong Stock Exchange – also saw an upward trend till then with CSE All Share Price Index- CASPI-gaining 68 points to stand at 14,813, also at 10:30 am.
The Selective Categories Index – CSCX also rose 42 points to reach 8,933 till then.
Of the issues traded till then, 44 gained, 24 declined, and 16 issues remained unchanged with Tk 48 million in turnover.