The New Nation - Internet Edition

Staff Reporter

Cautiousness and bitter trade experiences from Jamuna Petroleum kept investors away from the shares of Meghna Petroleum Ltd on its first trading day, which has confined the state owned share price within Tk 350 per share maximum.

Investors showed their watchfulness in buying the new share on its opening day. Unlike the Jamuna Petroleum share opening, buying spree was absent in the new script, said a buyer at the end of trading day.

"Besides that, there were very few shares available in the market. The company and its representative released the share at the eleventh hour of trading," said an unhappy buyer to The New Nation.

Total 15,700 shares, worth Tk 49.31 lacs were traded on the first trading day. Opening at Tk 350 per share, the script failed to reach the green territory ever and closed at Tk 300 per share.

"I couldn't buy the new shares of Meghna Oil today for their unavailability. But considering myself lucky as it lost Tk 50 per share in the very first trading," said an investor with humor. Market investors, however, condemned the authority for keeping the shares unavailable in the market. "Its unavailability actually plunged their price in the market today. It was a violating of SEC rules as well, said a market expert.

Talking to The New Nation, CEO-DSE Salahuddin Ahmed Khan said, his office is monitoring the market movements of the both two new entries. Regarding the deliberate share unavailability of Meghna Oil he said, "We have informed the SEC to investigate the matter and to take necessary steps."

The shares of another state owned petroleum script showed disappoint traded yesterday. According to the DSE market closure notification, shares of Jamuna Petroleum closed at Tk 449 per share. It witnessed its highest gain at Tk 952 per share last week, which kept trickling down in every trading session.

Market indicates more fall in this script, might reach Tk 200 per share, said an expert. The script touched Tk 295 per share yesterday as the lowest price.

If the share price of Jamuna oil continues trading in such depression, it is likely to influence the new comer Meghna Petroleum as well, said experts.

Experts suggested avoiding major buying in both the script.