DHAKA: Twitter shares retreated on Friday a day after a sizzling debut on Wall Street, as some of the frenzy about the popular messaging service faded.

The stock slipped 7.24 percent to close at US$41.64, a day after a stunning gain of 72.69 percent on its first day of trading on the New York Stock Exchange after a $1.8 billion initial public offering.

Jon Ogg at 24/7 Wall Street said on Friday’s sentiment was ‘a bit like an IPO hangover’.

‘Keep in mind that Twitter is valued at more than 50 times sales now, something almost unheard of over the past decade,’ Ogg said, reports The Straits Times.

Some analysts said the debut was helped in part by a shortage of Twitter stock, and that most of the 70 million shares were reserved by the underwriters.

BDST: 1611 HRS, NOV 09, 2013
RoR/JCK