Abu Taher BappaPublished:
2020-08-09 12:29:52 BdST
Stocks open on flying note
Stocks witnessed a sharp rise in the early trading on Sunday as optimistic investors were showing their buying spree on large-cap issues encouraged by the securities regulator’s tough action on wrongdoers.
Meanwhile, trading will take place for four and a half hours from today (10:00am to 2:30pm) instead of regular four hours as bourses extend trading time by 30 minutes following demand of stock market stakeholders and investors.
Following previous week’s big gains, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened the week higher amid rising trading activities.
Within first 30 minutes of trading, DSEX, the key index of the country’s prime bourse soared more than 80 points while the CSE All Share Price Index (CASPI) of port city’s bourse jumped more than 200 points at 10:45am.
After first hour of trading, the DSEX rose more than 105 points while the CSE All Share Price Index (CASPI) of port city’s bourse soared 240 points at 11:00am when the report was filed.
The DSEX went up by 105 points or 2.42 per cent to reach at 4,470 points at that time.
The two other indices also saw upward trend till then. The DS30 index, comprising blue chips, rose 43 points to reach at 1519 and the DSE Shariah Index (DSES) jumped 31 points to reach at 1,042 points till then.
Turnover, one of the important indicators of the market, stood at Tk 3.42 billion when the report was filed at 11:00am.
Market operators said the securities regulator's hard stance on ensuring mandatory 2.0 per cent shareholding and action on wrongdoers, expansionary monetary policy statement and gradual reopening of the economy prompted the investors to take position in sector-wise stocks.
The Bangladesh Bank recently unveiled an expansionary monetary policy for the current fiscal year lowering borrowing costs to boost up the money flow for revamping the pandemic-hit economic activities, particularly private sector credit growth and the country’s ailing capital market.
The investors hoped that the announced monetary policy statement would rejuvenate the battered economy and persuade institutional investors to pour money into the capital market, said a merchant banker.
The securities regulator’s hard stance on ensuring mandatory 2.0 per cent shareholding by each director of listed companies had also a positive impact on the stock prices in recent times, he said.
Meanwhile on the DSE, of the issues traded till filing of this report, 251 advanced, 57 declined, and 39 remained unchanged.
BATBC was the most traded stock till then with shares worth Tk 254 million changing hands, closely followed by Square Pharma, Beximco, Pioneer Insurance and Orion Infusion.
The Chittagong Stock Exchange (CSE) also saw an upward trend till then with the CASPI rising 240 points to stand at 12,642, also at 11:00am.
The Selective Category Index (CSCX) also gained 143 points to stand at 7656 points till then.
Of the issues traded till then, 123 gained, 13 declined, and 31 issues remained unchanged with Tk 59 million in turnover.
Trading time extends by 30 minutes from today
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