Mongol Basalt’s trade reaches MNT 886 million at MSE www.zgm.mn
MSE tier-II listed Mongol Basalt JSC’s shares worth MNT 886 million were traded at the secondary market. As of August, foreign investors account for 80 percent of the Mongol Basalt’s trade. There has been a sharp rise in foreign investors’ activeness over the last four months. Also, it has the largest number of foreign investors among the companies that launched an IPO in 2017.
According to analysts, the investor’s structure changes and long-term investors will be the key to further the stock price increase. They estimate that the share of the company is expected to reach MNT 376.8 by the end of December. Currently, the company’s stock price has risen 17.4 percent, to MNT 309.99 from the beginning of 2019.
In the first half of 2019, sales revenue increased by 74 percent compared to the same period of the previous year, triggering the earnings per share to reach MNT 2.19.
The construction of the domestic construction sector is directly linked to the increase in demand for the company and it’s planning to export its products to foreign markets.