Bangladesh
2 months ago

Robi trading above floor after 17 months

Stocks witness choppy trading at opening

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The stock market saw volatility in early trading on Sunday, while Robi Axiata took off from the floor price after 17 months following the news of its record profit and revenue for 2023.

After remaining on the floor at Tk 30 each since August 2022, the country’s second-largest telecom operator’s share surged 6.33 per cent to reach Tk 31.90 after the first hour of trading on Sunday.

Some 10 million shares of Robi worth Tk 317 million changed hands, making it the most-traded stock on the Dhaka Stock Exchange until 11:00 am.

Impressive business growth attracted investors to bet on its shares, said a leading stockbroker.

Robi Axiata reported 16 per cent growth in revenue to Tk 99.42 billion while net profit jumped 75 per cent to Tk 3.21 billion in 2023. The board declared a 10 per cent cash dividend for 2023, the highest since the company’s listing in the stock market in 2020.

Meanwhile, the DSE downgraded 22 low-performing companies to the Z category effective from today (Sunday) and of them saw price erosion in early trading.

Following the previous four days’ downturn, the key index of the prime bourse went up by 10 points to 6,346 after the first hour of trading at 11:00 am, when the report was filed.

Two other indices, however, saw negative trends until then. The DSES index, which represents Shariah-based companies, shed 0.5 points to 1,382 and the DS30 index, which consists of blue-chip companies, lost 4 points to 2,153.

Turnover also stood at Tk 3.14 billion after the first hour of trading, as the bargain hunters were confident enough to put fresh funds into good stocks.

Of the issues traded till then, 195 advanced, 126 declined, and 54 remained unchanged on the DSE trading floor.

Robi was the most-traded stock till then, with shares worth Tk 317 million changing, followed by Fu-Wang Ceramic, Best Holdings and Central Pharma.

The Chittagong Stock Exchange (CSE), however, opened lower with the CSE All Share Price Index – CASPI – losing 22 points to 18,268 at 11:00 am.

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