Share prices of Shurwid Industries rose nearly five times to Tk 48.2 yesterday during its trade debut on stock exchanges.

Listed with a face value of Tk 10 each, share prices of the PVC products manufacturer oscillated between Tk 50.5 and Tk 33.3, before closing atTk 48.2 on the Dhaka Stock Exchange.

A total of 17.87 lakh shares traded on the premier bourse, generating a turnover ofTk 25.83 crore.

The company raised Tk 14 crore by floating 1.4 crore shares of Tk 10 each through initial public offering (IPO), which was approved by the Bangladesh Securities and Exchange Commission on April 1.

The IPO proceeds will be used for the company's factory building expansion, machinery, gas generation purchases and bank loan repayment.

Although Shurwid Industries witnessed a flying start, most of other stocks performed in the negative territory with the key indices declining fora second day.

DSEX, the benchmark general index of the premier bourse, fell 32.49 points or 0.7 percent, closing the day at 4,608.95 points.

DSES, the shariah index, also declined 4.92 points or0.45 percentto 1,080.89.

“Downturn continued in the market amid slowing turnover and profit booking for the second consecutive session of the week," IDLC Investments said in its analysis.

LankaBangla Securities said the market passed a volatile trading session amid low turnover.

In the money market, the interest rate on

treasury bills (T-bills) fell significantly on Sunday, as commercial banks rushed to offer bids in auctions, the stockbroker said.

The 91-day T-bills came down to the range of6.44-6.55 percent on the day from 6.5-6.7 percent of the previous auction, creating further downward pressure on market interest rate and higher value of securities, it said.

Turnover, the most important indicator of the market, declined 3.2 percent to Tk 502.58 crore from the previous day.

Losers took a strong lead over the gainers as 202 declined, 71 advanced and 25 issues remained unchanged on the DSE floor.

A total of 1.21 lakh trades were executed with 11.80 crore shares and mutual fund units changing hands on the Dhaka bourse.

Singer Bangladesh dominated the turnover chart with 17.87 lakh shares worth Tk 39.15 crore changing hands, followed by Shurwid Industries, ACI, Beximco and MJL Bangladesh.

Debutant Shurwid Industries was the day's best performer, advancing by 382 percent, while Imam Button was the worst loser, slumping by 7.4 percent.