• Tuesday, Jul 14, 2020
  • Last Update : 08:56 am

Stocks surge as bourses reopen after two months

  • Published at 05:59 pm May 31st, 2020
dhaka_stock_exchange_2

New circuit breaker acts as determinant

Country's bourses resumed their regular trading on Sunday with a positive note after the trade suspension for above two months in  response to defeat Covid-19 pandemic.

DSEX, the key index of Dhaka Stock Exchanges (DSE), increased 1.30% or 52.15 points to reach 400.44 points. Meanwhile, the Chittagong Stock Exchange (CSE) also ended higher with its All Shares Price Index (CASPI) advancing 141 points or 1.25% to close at 11,469 points.

However, turnover plunged to Tk143 crore on the DSE, falling 59% over the last session’s of Tk348 crore on March 25.

Among the traded issues 60 gained, 68 declined and 195 remained unchanged during the session in DSE while 31 gained, 24 declined and 54 remained unchanged in CSE.

Market insiders and experts talking to Dhaka Tribune have said as the pharmaceutical business is doing exceedingly well amid the on-going pandemic crisis, investors are taking interests in pharmaceutical sector.

They also have said index rose as a result of imposing a floor price regulation as no share price can be lower than the stock's average closing price for five days till March 19. Therefore, most of the company's share prices remained unchanged on the day.

EBL Securities Limited in its daily market commentary says DSEX has seen a sharp rise of 1.30% thanks to fixed floor price which was designed to keep market afloat. The investor participation stayed relatively low on Sunday at Tk143 crore as there remains a concern on how the economy is going to recover from its current coronavirus-induced hit.

The pharmaceuticals sector contributed 60.2% of the total turnover while miscellaneous, telecommunication and banking sectors contributed 17.3%, 7.7% and 4.1% respectively, shows the daily market analysis of UCB Capital Management Limited.

Square Pharmaceuticals Ltd secured the leadership position on the top turnover chart with a turnover of Tk19.7 crore with its share price closing at Tk189.6 per share. The stock was followed by Beximco.

Pharmaceuticals with Tk8.3 crore, Grameenphone with Tk6.5 crore, Orion Pharma with Tk6.1 crore and BEXIMCO Limited with Tk5.2 crore.

BEXIMCO Limited secured the highest gain of 10% during the session. The stock was followed by Phoenix Finance 1st Mutual Fund with 10% jump, ACI Ltd with 9.9%, Central Pharmaceuticals Ltd with 9.9% and ACI Formulations Ltd with 9.9% gain.

AB Bank Ltd turned out to be the worst loser with its price declining by 10%. The stock was followed by Standard Bank with 9.1% decline, Alltex Industries with 9%, Premier Bank with 7.5% and Export Import with 7.3%.

Upon receiving the approval from Bangladesh Securities and Exchanges Commission (BSEC), stock exchanges on Thursday decided to resume share trading from Sunday after a 66-day break due to the Covid-19 pandemic.

Sunday trading in both the stock exchanges continued  from 10:30am to 1:30pm without any break instead of the regular trading hours from 10:30am to 2:30pm.

The two stock exchanges remained closed since March 26 to May 28, as the government announced general holidays as part of its efforts to contain the spread of the novel virus.

On March 19, BSEC launched a new circuit breaker to halt the free-fall that yielded positive outcome in the indexes.

The new emergency circuit breaker rule was set so that the prices of securities do not go below their average prices from the previous five sessions – from March 19.

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