a year ago

JMI Hospital Mfg Ltd tops weekly turnover chart

Ten most-traded stocks grab 28pc transactions

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Ten most-traded stocks accounted for 28 per cent of weekly transactions while the newly listed JMI Hospital Requisite Manufacturing Ltd. topped the Dhaka bourse's turnover list in the outgoing week.

According to available data with the Dhaka Stock Exchange (DSE), about 25.61 million JMI Hospital Requisite's shares were traded, generating a turnover of Tk 2.30 billion, which was 4.26 per cent of the week's total turnover.

Share price of the company is also rising 'abnormally' since its listing with the stock market on March 31, riding on short-term speculation, according to market analysts.

The medical equipment manufacturer's stock price jumped over 356 per cent or Tk 71.20 each in six weeks since its debut on March 31, from its issue price of Tk 20 each.

Its share closed at Tk 91.20 on Thursday. It also made its way to the week's top 10 gainers' list, surging 15.59 per cent in the outgoing week.

Market analysts said the investors showed their appetite for the new issue amid short-term speculation. So, it created an 'irrational hype' among investors since its debut on the capital market.

Most of the IPO (initial public offering) shareholders were unwilling to sell their stakes hoping for higher profit in the future, according to a merchant banker.

However, an analyst said, investors are blindly rushing towards its stock without conducting a proper analysis when they see the rise in values.

"If this stock faces correction, general investors will be the losers, which will dent their confidence," he said.

Beximco came second on the weekly turnover list, with shares worth Tk 1.83 billion changing hands. The company's share fell 3.56 per cent to close at Tk 143.60 each on Thursday.

ACI Formulations clinched the third spot, with shares worth Tk 1.60 billion changing hands. The company's share closed at Tk 220.20, surging 32.49 per cent.

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