Robi tops turnover list with Tk 436cr | The Daily Star
12:00 AM, January 14, 2021 / LAST MODIFIED: 06:21 AM, January 14, 2021

Robi tops turnover list with Tk 436cr

Stocks index drops amid profit booking

Robi Axiata topped the turnover list yesterday as many investors who bought a stake in the company through its initial public offering (IPO) sold off their shares, according to market players.

Some Tk 436 crore worth of Robi's shares were traded at the Dhaka Stock Exchange (DSE), which was 20 per cent of the total turnover.

"This might be the highest turnover of a single stock in the main market but it is not the highest when considering percentage," a stock broker said.

"The stocks changed hands yesterday as many people think that this is enough of a rise for a newly listed company," he added.

Ali Xahangir, CEO of Amarstock, said that although many investors sold their shares, others bought the stock thinking that the company has good potential.

"And since the stock was free of 'halt', it witnessed high trading," the analyst said.

When a company does not have any buyers or sellers for its stock, then the company's trade is halted. Robi's stock trade had been halted most of the times since its trading debut on December 24 due to a lack of sellers.

The mobile operator raised Tk 524 crore from the stock market, making it the country's biggest ever IPO.

Meanwhile, the stock market witnessed a profit booking day after a consecutive five-day rise.

DSEX, the benchmark index of the Dhaka Stock Exchange, dropped 91 points, or 1.55 per cent, to 5,770 yesterday.

Many stocks rose 10 to 20 per cent in the last five trading days and so, investors increased their profits by selling some shares, according to a merchant banker.

"This is normal and better for the market," he said, adding that when the market goes through corrections, investors get the chance to buy shares at a lower price.

Meanwhile, turnover, an important indicator of the stock market, rose 6.35 per cent to Tk 2,108 crore.

Among the 369 traded stocks, 56 advanced, 248 dropped and 55 remained the same at the DSE.

Investors are rearranging their portfolios with the sectors that moved comparatively less in the last few days, another stock broker said.

"So, almost all sectors dropped except engineering and mutual funds," he added.

Stocks of the engineering sector rose 1.15 per cent yesterday while mutual funds saw an increase of around 1 per cent. Non-bank financial institutions dropped 4.04 per cent and general insurance fell 2.95 per cent, according to data from UCB Capital Management.

AIBL First Mutual Fund topped the gainers' list, rising 10 per cent followed by Alif Manufacturing, Asian Insurance, Unilever, and CAPM IBBL Mutual Fund.

Robi Axiata traded the most followed by Beximco, LankaBangla Finance, LafargeHolcim Bangladesh.

Meghna Milk shed the most, losing 9.6 per cent followed by BIFC, Emerald Oil, Tallu Spinning and Shinepukur Ceramics.

The port city bourse also fell yesterday. The general index of the Chittagong Stock Exchange, CASPI dropped 249 points, or 1.45 per cent, to stand at 17,840.

Of the 282 traded stocks, 51 rose, 198 fell and 33 remained unchanged. 

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