Sales of FMI shares fall by over 90 per cent

THE price of First Myanmar Investment (FMI) shares on the nascent Yangon Stock Exchange (YSX) continued to depreciate in value to K27,000 per share, while the buying and selling of shares has fallen by 94 per cent, according to a statement by the YSX.

By 25 March, FMI had sold a total of over 100,000 shares since the beginning of trading on the YSX, while on 12 May, the total shares amounted to over 60,000.

“The price of shares is dependent upon buying and selling demand. As buyers wait for a fall in the market, sellers try and make as many sales as they can. There’s a lot of supply. That’s the nature of the market,” said U Then Htun Oo, chief executive director of the YSX.

The highest price of FMI shares shortly after the company started trading was K31,000 per share, with a total of over 100,000 being sold. However, it is known that by 29 March the company sold 200,000 shares at a cost of K41,000 each.

The current share price has fallen to K27,000 per share, close the primary initial price of K26,000, while a total of 6,483 shares have been bought and sold at this price.

“I haven’t bought any shares yet because I don’t have any expendable income. I think the market will fall with people buying and selling shares in bulk,” said U Kyaw Min Naing, who is involved in the agricultural fertilizer and pesticide business.

The Myanmar Thilawa SEZ Holdings Co was the second company to trade on the YSX as of this May 20. Of the six currently listed companies on the YSX, only two which have been granted official permission to trade shares.—Myitmakha News Agency

Source: Myitmakha News Agency

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