Honko International, which makes and distribute diodes and transistors, gained only 4 per cent in what some analysts called a disappointing first day of trade yesterday. The new issue gained 12.8 per cent if the warrants attached to the shares are added to the price, the firm said. The share closed at $1.04 from its $1 issue price. The warrant, which was attached to every five shares, finished at 44 cents. About 42.5 million shares worth $45.9 million changed hands. Volume and turnover of Honko's warrants were about 13.3 million and $5.8 million respectively. The shares opened at the day's high of $1.23 but soon slid to $1.10. Dharmala Securities research analyst Alex Wong said investors had little interest in industrial stocks. 'The volatile trading of industrial stocks has alerted many investors to be cautious when trading similar stocks.' Investors' concerns over the lack of a profit forecast in the prospectus was another factor for the inactive trading, he said, adding that Honko's simple business activity would have steady and stable growth.