BAT Bangladesh drops 7.5% after floor price lift
Stocks
After lifting the floor price restriction on British American Tobacco (BAT) Bangladesh, the second largest stock, the company's shares experienced a significant decline of 7.5% during the early hours of today's trading session at the Dhaka bourse.
Within 30 minutes of trading this morning (4 March), BAT Bangladesh shares were traded at Tk479.80 each, marking a drop of Tk38.90 from its opening price at the Dhaka Stock Exchange (DSE).
Throughout the session, 29,776 shares were exchanged, amounting to Tk1.42 crore.
Moreover, Grameenphone (GP), the largest stock at the Dhaka bourse, fell for two consecutive sessions after removing the floor price.
On the day, GP fell over 3% to settle at Tk253.50 till 10:30am.
The downturn in BAT Bangladesh and Grameenphone stocks had a notable impact, leading to a 26-point decline in the key index DSEX, which settled at 6,189.
Earlier, the Bangladesh Securities and Exchange Commission (BSEC) issued a directive stating that the floor price restriction on Grameenphone and BAT Bangladesh stocks would be withdrawn after the record date.
The floor price is the lowest price the securities regulator sets at which a stock can be traded.
In January, the BSEC lifted the floor price of most stocks 18 months after introducing it.
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