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The Financial Express

Nahee Aluminium jacks the sector up

| Updated: December 27, 2017 10:55:03


FE File Photo FE File Photo

Engineering sector dominated the Dhaka bourse's transaction chart Sunday, riding on the new issue -- Nahee Aluminium Composite Panel which accounted for 13 per cent turnover on its debut day.

The top 10 traded companies grabbed more than 35 per cent turnover of the Dhaka Stock Exchange (DSE).

According to statistics available with the DSE, about 4.94 million shares of Nahee Aluminium were traded, generating a turnover of Tk 473 million, which was 13 per cent of the premier bourse's total transaction.

The aluminum composite panel manufacturer's share price hovered between Tk 80 and Tk 120 on the DSE, before closing at Tk 81.60, registering an increase of 716 per cent on its issue price of Tk 10.

Market insiders said investors showed higher enthusiasm surrounding debutant Nahee Aluminum amid short-term speculation. So, it created hype among the investors on the first day of trading.

However, they termed the price hike of the company unusual.

Nahee Aluminum, which received regulatory approval from the Bangladesh Securities & Exchange Commission (BSEC) on July 17, floated 15 million ordinary shares and raised Tk 150 million from the public using the fixed price method.

The company's paid-up capital is Tk 480 million and authorised capital is Tk 1.20 billion, while the total number of securities is 48 million.

Sponsor-directors own 39.58 per cent stake in the company while institutional investors own 15.60 per cent, foreign 0.03 per cent and the general public 44.79 per cent as on June 30, 2016, the DSE data shows.

The state-run National Tubes emerged as second highest turnover leader, with shares worth Tk 142 million changing hands.

"The company's recent decision to establish a galvanising plant to provide services for different types of towers for mobile companies, continue to encourage investors to take position on its shares," a stockbroker said.

The company expects to earn approximately Tk 70 million per year by providing galvanising services.

National Tube's share price closed at Tk 134.80, advancing 0.15 per cent over the previous day.

BBS Cables notched the third spot, with shares worth Tk 104 million changing hands. The company's share price fell 5.12 per cent to close at Tk 107.50.

Rupali Life Insurance emerged as fourth with shares worth Tk 88 million changing hands. The life insurer's share price closed at Tk 49.50, advancing 1.02 per cent over the previous session.

The turnover of Brac Bank was Tk 86 million. The bank's share price advanced 0.28 per cent to close at Tk 106.30.

Padma Life Insurance was also included in the top 10 turnover list with shares of Tk 85 million changing hands. The company's share price rose 1.96 per cent to close at Tk 52, followed by Wata Chemicals with Tk 84 million, Square Pharmaceuticals Tk 74 million, Paramount Textile Tk 69 million and Emerald Oil Company Tk 55 million.

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