Robi generates highest ever single stock turnover in regular trading

As sellers agreed to trade some Robi Axiata shares on Wednesday, the company witnessed its first ever flat closing since its debut four weeks ago.

Also, spontaneous trading participation of the sellers helped the telecom operator generate a record high daily turnover in any single scrip at the Bangladesh stock market, if some large deal executing trades at the block market were excluded.

Dhaka and Chattogram bourses together hosted Tk528 crore trading into Robi shares on Wednesday. Its competitor Grameenphone had generated its highest ever daily stock turnover of Tk213 crore in December 2010.

Having its debut on 24 December 2020, Robi closed at the highest allowable limit for the specific day until Tuesday.

On the 14th session of Wednesday, the stock began trading at the 10% ceiling, but as investors began to book some profits, the price started to come down and closed at Tk63.8 per share, which was only 0.9% higher than the previous closing.

The securities regulator, on Tuesday, directed the bourses to scrutinise the trading of any scrip if its price increases or decreases by 50% or more in a month. That ignited profit booking in the market.

Robi having its debut at Tk15 per share gained more than 300% in its stunning rally over the last four weeks.

Robi, following its largest ever initial public offering last year, has already emerged as the third largest listed company in terms of market capitalisation, and the largest listed company in terms of paid-up capital.