Myanmar's baby step toward a modern financial system got a big thumbs up, with investors standing in line to buy shares of the country's first listed stock.
Shares of financial services-to-healthcare conglomerate First Myanmar Investment leapt as much 19 percent on the Yangon Stock Exchange from the issue price of 26,000 kyat ($21.50) when trading began on Friday. Nearly 113,000 shares traded hands.
"We had people queuing up for hours to get into the few appointed, few licensed securities firms to put in their bid orders to buy," said Serge Pun, the head of First Myanmar Investment, which became the first listing on the Yangon Stock Exchange. "I actually did not expect there was so much interest."
Pun attributed the popularity to interest from retail investors.