In the opening session, investors placed sell orders for approximately 9.30 crore shares of Beximco at a 9.99% discount. However, no buyers emerged at that price level.
Beximco, Islami Bank Photo : Courtesy
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Beximco, Islami Bank Photo : Courtesy
Shares of Beximco and Islami Bank witnessed sharp declines in early trading today (9 June) following the withdrawal of the floor price, but failed to attract buyers despite significant discounts.
In the opening session, investors placed sell orders for approximately 9.30 crore shares of Beximco at a 9.99% discount. However, no buyers emerged at that price level.
A similar situation was seen for Islami Bank, where around 16 lakh shares were offered for sale at a 9.81% discount, also without any buyers.
As a result of the imbalance between sellers and buyers, trading in both stocks was halted.
According to the Dhaka Stock Exchange (DSE), Beximco shares fell by 9.99% to Tk99.1 within the first 20 minutes of trading. During this period, only 2,381 shares were traded. Meanwhile, Islami Bank shares declined by 9.81% to Tk29.4, with just 20,119 shares changing hands.
The sharp sell-off came a day after the Bangladesh Securities and Exchange Commission lifted the floor price restriction on both Beximco and Islami Bank shares.
The floor price had been in place since 28 July 2022 to stabilise the market amid volatility.
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