Phoenix Power share surges ahead by 36% on debut trading

23/06/2015 04:09 AST

Phoenix Power, which commenced trading on the Muscat Securities Market on Monday, surged ahead by 36.4 per cent to close at 150 basias.

As many as 129 million shares were traded on the local bourse, generating a turnover of OMR19.31 million, against the total market turnover of OMR19.77 million.

There was a huge demand for the stock from financial institutions and pension funds, which received only 2.52 per cent allotment. The share was oversubscribed to the tune of 18 times, mopping up almost OMR1 billion bids from investors against an issue size of OMR56.3 million.

The major reasons for the surge in share price on debut trading, according to brokers, were good business model, future earnings prospects and better dividend yield. In fact, institutional demand is driving the stock, while retail investors are selling their holdings for booking their profit on the listing day.

The company has allotted a minimum of 3,000 shares and 8.57 per cent of additional shares applied by retail or first category investors.

As many as 49,096 investors – 48,727 retail investors and 369 institutional investors – received allotment.

The share will be highly volatile in the first three days of trading and 50 per cent of floating stocks will change hands during the period.


Times of Oman

Most Viewed Companies

Ticker Price Volume
SABIC 114.77 5,915,941
SAMBA 26.98 1,138,683
STC 83.41 257,644
DARALARKAN 13.47 74,648,349

Stock Market Info

MSM 4,794.61 19.33 (0.40%)

Valuation

Market
P/E
Price/BookValue
Dividend Yield (%)

Momentum

Performance
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Index vs...
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg

Index Chart

Top Related Companies

Ticker Price Change
BKMB 0.38 0.00 (0.52%)
NLIF 0.32 0.00 (0.00%)
OTEL 0.88 0.00 (0.00%)
BKDB 0.20 0.00 (0.00%)
ORDS.MSM 0.50 0.00 (0.00%)

Recent News

Foreign investors pile into Saudi Arabia in March amid kingdom's FTSE upgrade

05/04/2018

Foreign investors bought $1.18 billion in Middle East and North African equities in March, especially Saudi ones amid the kingdom’s upgrade to emerging market status by FTSE Russell, according to a r

The National

Muscat bourse gains lifted by activity in financial shares

05/04/2018

Buying activity in financials lifted the MSM30 Index to 4,794.61 points, up 0.41 per cent. The MSM Sharia Index closed at 676.52 points, down 0.08 per cent. Gulf Investment Services was the most acti

Times of Oman

Dubai bourse takes a hit in traded value

05/04/2018

Traded value on the Dubai Financial Market tumbled on Wednesday as global stocks declined amid an intensifying US-China trade war. In Abu Dhabi, banking shares surged ahead of first quarter results s

Gulf News

Financial blue chips drive Muscat bourse recovery

04/04/2018

Driven by financial blue chips, the MSM30 Index continued its recovery to close at 4,775.27 points, a gain of 0.53 per cent. The MSM Sharia Index ended at 677.06 points, down 0.07 per cent. HSBC Bank

Times of Oman

Emaar Properties stock hits new one-year low

04/04/2018

Emaar Properties shares extended losses for another session on Tuesday, to hit their lowest level in a year, as selling continued on the wider Dubai gauge. Emaar Properties fell to a low of Dh5.58, b

Gulf News

logo

Financial Information Co.

P.O. Box 69410, Riyadh 11547, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2024, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap