The Financial Express

DSE turnover hits 25 billion mark riding on block trade

Stocks edge higher despite virus fears

| Updated: June 28, 2020 21:17:17

Traders monitoring stock price movements on computer screens at a brokerage house in the capital city — FE/Files Traders monitoring stock price movements on computer screens at a brokerage house in the capital city — FE/Files

Daily trade turnover on Dhaka Stock Exchange (DSE) scaled a Tk 25 billion mark on Sunday, for the first time in nine and a half years, riding on the block transaction of GlaxoSmithKline shares.

SETFIRST Ltd, one of the corporate directors of the GlaxoSmithKline (GSK) Bangladesh, sold its all 9.87 million shares to Unilever Overseas Holdings B.V in block trade.

At the prevailing market price, the company’s 9.87 million shares are worth Tk 20.57 billion.

Turnover, a crucial indicator of the market, stood at Tk 25.43 billion on the country’s premier bourse, from Tk 683 million in the previous session.

This is the biggest single-day transaction in the last nine and a half years since December 06, 2010, when the turnover totalled a record Tk 27.10 billion.

DSEX, the key index of the DSE, went up by 4.94 points or 0.12 per cent to settle at 3,974 during the three-hour trading session.

Two other DSE indices also edged up. Of them, DS30 index, comprising blue chips, advanced 1.41 points to finish at 1,331 and Shariah index rose 2.24 points to close at 921.

Market operators said investors remained cautious as uncertainty looms over the economy due to the pandemic and there is no positive signal for the capital market development in the proposed budget.

The investors were worried about the adverse impact of the worsening Covid-19 pandemic and the regulator-enforced floor price system, which prevented many investors from selling shares of most of the companies, said a merchant banker.

Most of the shares remained stuck at the trading floor amid the floor price limitation. Of the issues traded on the floor, 235 remained unchanged while 44 advanced and 12 declined on the DSE.

A total of 18,993 trades were executed in the day’s trading session with a trading volume of 61.18 million shares and mutual fund units.

The market-cap on the premier bourse rose to Tk 3,111 billion on Sunday, from Tk 3,108 billion in the previous session.

Beximco Pharma topped the turnover chart with shares worth Tk 97 million changing hands, followed by GlaxoSmithKline, Bangladesh Submarine Cable Company, Indo-Bangla Pharma and Square Pharma.

Paramount Insurance was the day’s best performer, posting a gain of 4.27 per cent, while Exim Bank was the worst loser, dropping 2.52 per cent.

Chittagong Stock Exchange also edged higher with its All Shares Price Index (CASPI) advancing 22 points to close at 11,284 and the Selective Categories Index (CSCX) gaining 12 points to finish at 6,830.

Of the issues traded, 29 gained, 09 declined and 99 remained unchanged on the CSE. The port city bourse traded 14.96 million shares and mutual fund units.

The port city bourse’s turnover also jumped to Tk 2.51 billion, from Tk 936 million on Thursday last.

[email protected]

Share if you like