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DSE key index crosses 4,800-mark after 10 months

  • Published at 01:29 pm August 16th, 2020
web-DSE-File photo of Dhaka Stock Exchange Limited
File photo of Dhaka Stock Exchange Limited Mehedi Hasan/Dhaka Tribune

Turnover crosses Tk1,300C

Prices of most of the shares on bourses witnessed a positive trend in the early hours of trading on Sunday as optimistic investors continued their buying appetite on sector-wise issues. 

DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went up by 156 points or 3.32% to cross the 4,800-mark and stood at 4,859 points in its first trading session after ten months.

The index was at 4, 862 points on October 9, in the last year. The index was launched on January 27, 2013 with 4,056 as base points.

Talking to Dhaka Tribune, stock analysts and market insiders said the growing investors’ confidence following the securities regulator’s stance against manipulation, mandatory shareholding issue and planning to work on the junk stocks encouraged investors to take positions on stocks. 

Turnover in the DSE stood at Tk1,351.3 crore during the session, which was Tk1,207.8 crore in the previous session. It was the highest single-day turnover in the last seven weeks since June 28, this year when turnover totaled Tk2,543 core riding on huge block trade of GSK Bangladesh.

Among the traded issues 301 gained, 42 declined and 11 remained unchanged during the session in Dhaka Stock Exchange.

Pharmaceuticals sector contributed 16.9% of the total turnover while insurance, banking and engineering sectors contributed 14.6%, 14.3% and 9.6% respectively, according to stockbangladesh.com

A total of 113 transactions on 37 stocks worth Tk71.5 crore were executed in the block market of DSE, showed Detailed DSE Market Statistics.

Beximco Pharmaceuticals secured the leadership position on the top turnover chart with a turnover of Tk80.6 crore with its share price closing at Tk105.5 per share.  PHP First Mutual Fund secured the highest gain of 13.9% during the session. Eastern Cables turned out to be the worst loser with its price declining by 3.5% at DSE.

Meanwhile, the port city's bourse, Chittagong Stock Exchange (CSE), also registered an upward trend at the end of the session. The All Shares Price Index (CASPI) rose 494 points to close at 13,855.9 and the Selective Categories Index (CSCX) rose 288 points to finish at 8361. 

Dhaka stocks observed another superb session yesterday as the enthusiastic investors remained active on the trading floor amid regulatory moves to restore discipline in the market, market insiders said. 

A top official of a brokerage house said that corrective action by the stock market regulator in the last couple of months to rein in wrongdoings on the market was the main catalyst behind the recent surge.  

Another market insider said that investors’ confidence was growing as the recent disciplinary and development measures had given them a kind of security about their investment.

The Bangladesh Securities and Exchange Commission (BSEC) has directed the listed companies and their board of directors to comply with the directive regarding holding minimum 30% shares jointly by the directors within 60 working days from July 29, 2020.

On Thursday, the BSEC took some decisions to work on the junk stocks at a commission meeting.

As per the BSEC’s decision, sponsors and directors holding shares of Z category companies will not be able to sell, transfer, hand over and/or pledge them.

The companies, which have been in the Z category for two years, will have to reform their existing board of directors within the next 45 working days.

If they fail to do so, those sponsors and directors will not remain as directors in those companies or in any other listed companies and capital market intermediaries.

Meanwhile, the stock market has also decided that trading settlements for the companies in the Z category would be T+3 instead of T+9 at stock exchanges.

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