The Financial Express

Dhaka stocks notch biggest gain since 2013

| Updated: January 19, 2020 20:40:53

Evaly and Fianancial Express Evaly and Fianancial Express
Dhaka stocks notch biggest gain since 2013

Dhaka stocks have gained 5.6 per cent, the biggest jump since the key index DSEX was introduced in January 2013.

The shares on the Dhaka Stock Exchange were buoyed by Prime Minister Sheikh Hasina’s instructions to prop up the markets.

The index extended gains for the third day and closed at 4,382.06 on Sunday. It declined 24.8 per cent in the past 52 weeks.

Hasina met capital market policymakers on Thursday to discuss ways to pull the stocks out of a slump, a day after an MP called in parliament for her intervention, bdnews24.com reported.

Khairul Hossain, the chairman of Bangladesh Securities and Exchange Commission, and government policymakers attended the meeting at the Prime Minister’s Office in Dhaka.

They discussed both short and long-term measures to bring “dynamism to the market”, the BSEC said in a statement.

Hasina ordered the relevant authorities to implement a number of short-term measures without delay. These include ensuring more involvement of the banks and financial institutions in the stock market, arranging loans on easy terms for merchant bankers and institutional investors, and increasing investment capabilities of the Investment Corporation of Bangladesh.

The other measures agreed in the meeting are: bolstering efforts to attract foreign investors and create their confidence in the local market, increasing institutional investments, and enlisting profitable multinational and government companies on the market for raising the number of quality IPOs.

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