Square Pharma shares get buyers at floor price

After more than seven months, Square Pharmaceuticals Ltd shares, on Thursday morning have seen buyers bidding at and above the floor price of Tk209.8 apiece.

It offered a sense of relief to a large number of investors who were unable to sell the blue-chip share for months, stockbrokers said.

However, selling pressure was yet to let the large-cap stocks take off from the floor as of 11:30am.

Securities regulator imposed the floor price on individual scrips on 28 July last year and that deprived investors of majority scrips of opportunities to exit.

In the last few months over a hundred of 401 DSE scrips came up from the floor, mostly small cap ones.

Square Pharmaceuticals posted Tk16.82 in earnings per share for the first nine months of the last fiscal year, up from Tk16.3 for the same period of the previous year.

Source: The Business Standard
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