Yangon Stock Exchange’s sole listed company soars 19.2% on first trading day

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YSX HomepageThis Good Friday, when most major global stock exchanges were closed and brokers readied for a long Easter weekend’s rest, Myanmar chose to kick off trading of shares of the first company on the newly established Yangon Stock Exchange (YSX).

First Myanmar Investment Co Ltd. (FMI), one of the largest Myanmar conglomerates led by business tycoon Serge Pun, entered the stage and promptly received more market order volume than its sale offer. The share price was 26,000 kyat ($21.5) at the opening stage and ended the first trading day up 19.2 per cent at 31,000 kyat ($25.63).

Trading volume reached 112,845 shares, and FMI reached a market capitalisation of 727.88 billion kyat ($601 million) from around 23.5 million issued shares.

The company currently has more than 6,700 shareholders and did not issue new shares. The last over-the-counter trading price was 35,000 kyat ($30) about two weeks ago.

The YSX was launched last December aiming to list six companies in the near-term and at least ten by the end of this year. Targeted are domestic firms that look for access to capital. However, observes say that a better regulatory framework and “investor education” are still needed for YSX to take off.

There are also still a few flaws on the YSX home page, for example a mix up of historical trading dates (25 March 2015 instead of 2016).

Five domestic stock brokers have so far received trading qualifications.

Under an agreement signed in December 2014, the YSX is jointly owned by the state-owned Myanmar Economic Bank with 51 per cent and Tokyo Stock Exchange and Daiwa Securities Group which jointly hold 49 per cent.

 

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Reading Time: 1 minute

This Good Friday, when most major global stock exchanges were closed and brokers readied for a long Easter weekend’s rest, Myanmar chose to kick off trading of shares of the first company on the newly established Yangon Stock Exchange (YSX).

Reading Time: 1 minute

YSX HomepageThis Good Friday, when most major global stock exchanges were closed and brokers readied for a long Easter weekend’s rest, Myanmar chose to kick off trading of shares of the first company on the newly established Yangon Stock Exchange (YSX).

First Myanmar Investment Co Ltd. (FMI), one of the largest Myanmar conglomerates led by business tycoon Serge Pun, entered the stage and promptly received more market order volume than its sale offer. The share price was 26,000 kyat ($21.5) at the opening stage and ended the first trading day up 19.2 per cent at 31,000 kyat ($25.63).

Trading volume reached 112,845 shares, and FMI reached a market capitalisation of 727.88 billion kyat ($601 million) from around 23.5 million issued shares.

The company currently has more than 6,700 shareholders and did not issue new shares. The last over-the-counter trading price was 35,000 kyat ($30) about two weeks ago.

The YSX was launched last December aiming to list six companies in the near-term and at least ten by the end of this year. Targeted are domestic firms that look for access to capital. However, observes say that a better regulatory framework and “investor education” are still needed for YSX to take off.

There are also still a few flaws on the YSX home page, for example a mix up of historical trading dates (25 March 2015 instead of 2016).

Five domestic stock brokers have so far received trading qualifications.

Under an agreement signed in December 2014, the YSX is jointly owned by the state-owned Myanmar Economic Bank with 51 per cent and Tokyo Stock Exchange and Daiwa Securities Group which jointly hold 49 per cent.

 

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