The Atlas Bank Limited, on its first day of trading at the Karachi Stock Market, performed exceptionally well and with the total gain of Rs 9.55 the scrip successfully positioned in the top ten volume leaders.
The trading of the bank shares started on Monday and carried the total turnover of 1.727 million shares. The share, having the value of Rs 10 each, hit Rs 20.75 intra-day high while after some resistance the scrip came down at Rs17.65 intra-day low.
Finally the scrip closed at Rs 19.55, gaining Rs 9.55. As it was the first day of trading in the scrip, therefore, the condition of the upper lock was not applicable and the stock rose by 95 percent.
Atlas Bank Limited listed on the Karachi Stock Exchange pursuant to the scheme of amalgamation of Atlas Investment Bank Limited with and into Atlas Bank Limited.
The Atlas Bank was quoted under "Commercial Banks" sector of the ready board quotations of the exchange. The trading of Atlas Bank Limited shares started on Karachi Stock Exchange from Monday and all transactions taking place in respect of the bank shall be settled on T+3 settlement basis. The first settlement date will be October 19, 2006.
"The scrip performed well on its first trading day due to good earnings record," Ahsan Mehanti, CEO of Shahzad Chamdia Securities said, added the acquisition of Dawood Bank by the Atlas Bank was another reason to strengthen its financial position and investors confidence.
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