Bleak picture of secondary market growth
October 3: The miniature stock market of this small Himalayan kingdom did not show any brim hopes of expansion this year as well with only six out of 20 companies registered for trading made transactions.
The share market has no formal setting and very few active players, thanks to lack of awareness among business circle and general public about the games in stock market and making money through this secondary market.
This year the big player of the game was Bhutan National Bank Limited making 41 transactions for 164,987 shares. Last year, the bank had traded 21.413 million shares. The Penden Cement Authority follows the banks with nine transactions and the Royal Insurance Company Limited lies at the third in race with only three transactions. Jigme Mining Company and Bhutan Times Limited had one transaction each.
The new entrant of the floor Bhutan Insurance Limited closed its share offer on September 18 floating Nu 60 million worth of shares at nu 100 per share for which the allotment is due on October 8.
Of the traded shares, the Royal Insurance top the list of high value fetchers making Nu 144.14 million in three transactions of about 1.44 million shares followed by the Bhutan Carbide and Chemicals Limited making one transaction worth nu 1.8 million. Last year it traded 970 shares.
Royal Securities Exchange of Bhutan also traded 12 series of RMA bills worth nu 11.999 billion, up from eight series aggregating to Nu 7.892 billion last year.
The total number of shares traded till September was 1.610 million, an increase from 77,123 in 2008.