GP stocks drop 8% after floor price lift
After lifting the floor price restriction on Grameenphone (GP) stocks, the company's shares experienced a significant decline of over 8% during the early hours of today's trading session at the Dhaka bourse.
Within 40 minutes of trading this morning, GP shares were traded at Tk263.30 each, marking a drop of Tk23.30 from the opening price at the Dhaka Stock Exchange (DSE).
Throughout the session, a total of 5.52 lakh shares were exchanged, amounting to Tk14 crore.
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The downturn in GP stocks had a notable impact, leading to a 2-point decline in the key index DSEX, which settled at 6,252 by 10.40am.
Earlier, the Bangladesh Securities and Exchange Commission (BSEC) issued a directive stating that the floor price restriction on stocks of Grameenphone will be withdrawn on 3 March.
The floor price is the lowest price set by the securities regulator at which a stock can be traded. In January, the BSEC lifted the floor price of most stocks 18 months after introducing it.
