Myanmar’s shares trading kicks off with one listing

[rooster59]

Myanmar’s shares trading kicks off with one listing

YANGON: Shares trading at the Yangon Stock Exchange (YSX) kicked off on Friday, debuting one week before a new government comes to power in Myanmar, The Irrawaddy reported.

The YSX officially “launched” in December, but shares since then had only been traded internally through dry-run testing. According to YSX officials, this delay was to ensure smooth operation of the new capital market.

Six firms are due to be listed on the YSX initially: First Myanmar Investment (FMI), Myanmar Citizens Bank, Myanmar Thilawa SEZ Holdings Public Limited, Myanmar Agribusiness Public Company Limited (Mapco), First Private Bank and Great Hor Kham.

On Friday, however, five of these firms were not yet ready for shares trading when FMI chairman Serge Pun joined Maung Maung Thein, head of the Myanmar Securities and Exchange Commission (SECM), to ring a golden bell signaling the long-awaited start to trading.

Thet Tun Oo, senior executive director of the YSX, said that shares trading for the other five listed companies would be available at an as yet unknown future date.

The floor price for FMI shares began at 26,000 kyats (US$22) and shares traded at 31,000 kyats by the time trading ended Friday afternoon, with the stock having reached the upper limit of a daily 5,000 kyats floor and ceiling on stock price fluctuation that is in place to prevent volatility on the bourse.

The YSX is Myanmar’s first modern stock exchange. Its backers hope the new capital market will help spur growth in Burma’s once-moribund economy.

Source: http://englishnews.thaipbs.or.th/content/156941

-- Thai PBS 2016-03-26

[catterwell]

Do not ask for whom the bell tolls ...

[khun custard]

Hmmm..."Mr Clean" is on the scene!

But I guess shares are better than cash - one share cert. would be the equivalent of 2 large brown paper bags of the local folding currency!