The New Nation - Internet Edition

Mashiur Rahaman

Shares of the Jamuna Oil Company Limited (JAMUNAOIL) witnessed buying spree on its first trading session yesterday in both the markets.

Total 1,58,200 shares, worth of Tk10.52 crore, were sold on the very first day of its public discloser in the Dhaka Stock Exchange (DSE). On the other hand, total 16200 shares were reportedly traded on the same day in the Chittagong Stock Exchange (CSE).

In DSE, shares of Jamunaoil initiate trading at Tk 561 per share and closed trading at Tk600 per share. In the middle of the trading session, its trading price reached Tk 952 per share, which trickled down by the end of the day.

In CSE, similar buying trend was also witnessed with the Jamunaoil. It closed trading at Tk 601.30 per share within a trading day with Tk591.30 per share trading difference.

This growth is suspicious and abnormal for equity business, said number of market experts, while commenting on the day's trading in this script.

"When a share of Tk 10 jump up and trade at Tk 952 per share within a day, it doesn't put good impression on the market," said an expert to The New Nation.

According to him, price of share reached such height neither due to any rumour nor for manipulation. But it was a desperate attempt of some disappointed investors to try their luck by holding a stake in the Jamuna Oil.

"A large number of investors have sold-out their holdings in the market to buy as many shares as possible in Jamuna Oil. Even market went low during the last couple of days, waiting for this day," said an investor.

"But this move is not free of capital risk. Investors, who have invested their entire capital into this script, might be doing another major mistake," said a market expert.

What could happen with such high rated script, market has already witnessed as Tk 952 per share climbed down to Tk 600 within half a day trading, he added.

He advised all investors to stay calm and to show cautiousness in investing in such blue-chip sector.

However, aggressive Jamuna oil also influenced other exiting petroleum shares in the market. In DSE, shares of Padma Oil Ltd closed at Tk 1302 per share with Tk 68.9 per share loss within a trading day. The share initiated trading at Tk1380 per share, which started to grow up coping with Jamuna oil. But it collapsed ultimately, when its partner started to climb down from the peak.

Day's range for Padma Oil Ltd was Tk 1,302 to Tk 1,499.9 per share, as recorded.

Finally, the DSE closed in green, adding 42.33 points in its general index. The index closed at 2989.36 points.

Among all 224 issues traded on the day, 168 issued advanced, 37 declined and remaining 19 were unchanged. Total turnover on the day was recorded at Tk 137 crore.

Similarly in CSE, all share price index closed in green, increased by 96.88 points. Its closing point was 7588.48.

Among total 115 issues were traded on the day, 97 gained, eight declined and 10 remained unchanged.