Stocks posted a steep rise yesterday, clawing back losses over the last couple of weeks.
The market finally manged to break the nine-day-long bearish spell after the central bank relaxed bank’s capital market exposure rules, sparking optimism among investors resulting in strong rally.
The benchmark index DSEX rose more than 67 points or 1.5% to 4,578.
The Shariah index DSES gained 12 points or 1.2% to 1,101.
The blue chip comprising index DS30 settled at 1,734, rising almost 20 points or 1.2%.
The Chittagong Stock Exchange Selective Category Index CSCX was up 123 points to 8,507.
On Sunday, Bangladesh Bank excluded banks’ equity investment in its stock market subsidiaries from the calculation of the banks’ capital market exposure.
From January, banks’ capital given to their stock market subsidiaries will not be counted as stock market exposure.
Lanka Bangla Securities said Dhaka stocks leaped up, fueled by relaxation of the central bank’s rule on bank’s capital market exposure.
IDLC Investments said the market broke the nine-session-long bearish spell yesterday as optimism resurfaced, riding on the news of final resolution on the bank’s capital market exposure adjustment.
“Relief from the fear of anticipated selling pressure from institutional end as well as hope for fresh investments rejuvenated investment sentiment of the market participants. Moreover, availability of undervalued stocks due to recent negative momentum in the market attracted opportunistic investors.”
With the positive development, Regent Textile Mills Limited escaped selling pressure as it rose over 8% for the first time since its debut on Tuesday last.
Trading activities, however, also improved as the DSE turnover stood at Tk488 crore, which is more than about 23% over previous session.
