RANGOON — Myanmar Citizens Bank (MCB), the most recent trading addition to the Yangon Stock Exchange (YSX), has seen its share price fluctuate this week, after doubling its opening price last week.
The YSX announced last week that the base price for MCB shares was 6,800 kyats (US$5.60) with an upper limit of 7,800 kyats and a lower limit of 5,800 kyats. Trading started August 26.
In its first week, MCB stock reached 13,500 kyats per share. On Friday, it dipped to 9,600 kyats—a 2,400 kyats decline in a single day—according to the YSX.
U Thet Tun Oo, senior manager of the YSX, said the base share price of MCB was suggested by a third party consultant and was significantly lower than the other two companies currently trading on the exchange.
“People’s interest is always high initially,” he said.
However, MCB has yet to open new share sales to the public. The 10.7 million shares it recently sold were traded by existing share-holders playing the market through the YSX.
The two other companies currently trading on the YSX are First Myanmar Investment and Myanmar Thilawa SEZ Holdings, with share prices on Friday around 19,500 kyats ($16) and 43,000 ($35) kyats respectively.
MCB has been listed since December, when the YSX opened. MCB’s authorized share capital is now 75 billion kyats ($63 million), with 52 billion kyats ($43.7 million) in paid-up capital. According to MCB’s website, just over 5 billion kyats are from the Ministry of Commerce and nearly 47 billion kyats are from the public.
According to the YSX, the total share volume on September 2 was 7,041, while the total value reached 118 million kyats (US$100,000).
