Square Pharma shares get buyers after seven months
The stock inched up to Tk211.9 but then came down to Tk210.4 at the session end
After more than seven months in hibernation at the floor price ofTk209.8 apiece, the shares of Square Pharmaceuticals PLC saw buyers on Thursday.
It offered a sense of relief to a large number of buy-and-hold style investors who were unable to sell the blue-chip share for months, stockbrokers said.
Amid a steady buying interest, the stock inched up to Tk211.90 and the investors, who were desperate for an exit, dragged it down to Tk210.4 during the closing bell.
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The country's fifth largest listed company in terms of market capitalisation, at the end of the day contributed 3.8% to the turnover in the Dhaka Stock Exchange (DSE).
Square Pharmaceuticals posted Tk16.82 in earnings per share for the first nine months of the last fiscal year, up from Tk16.3 for the same period of the previous year. Net asset value per share stood at Tk116.7 on 30 March.
Securities regulator imposed the floor price on individual scrips on 28 July last year and that deprived investors of majority scrips of opportunities to exit.
In the last few months, over a hundred – mostly small cap ones – of 401 DSE scrips came up from the floor.
Stockbrokers have been waiting for large cap stocks to get rid of the floors as the lion share of the total DSE market capitalisation has been excluded from the regular trading.
