3 months ago

Stocks rebound riding on regulatory move

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Stocks rebounded on Monday, snapping a five-day losing streak, as sale pressure reduced to some extent following the securities market meeting news with market stakeholders.

The Bangladesh Securities and Exchange Commission (BSEC) called a meeting today (Monday) at 3pm with the market stakeholders to find out what can be done to prevent a fall in the stock market.

The securities regulator also asked the Dhaka Stock Exchange (DSE) to investigate whether there is any deliberate price fall in the market or whether there is any irregularity in the continuous price fall without no valid reasons.

Following the news, the market opened higher and the upward trend sustained until the closure of the session.

DSEX, the prime index of the Dhaka Stock Exchange, finally went up by more than 21 points or 0.37 per cent to settle at 5675, after losing almost 210 points in the past five days.

Market analysts said the lucrative price level of fundamentally sound stocks attracted bargain hunters, taking the market in the green zone.

However, the majority of investors remained cautious stance amid the prevailing volatility in the market, said a leading broker.

Two other indices also closed higher. The DS30 index, which consists of blue-chip companies, gained 1.5 points to 1,984 while the DSES index, which represents Shariah-based companies, advanced 4 points to 1,243.

The turnover also rose 20 per cent to Tk 5.75 billion, from the previous day’s value of Tk 4.78 billion.

Most of the traded shares saw price hike as out of 396 issues traded, 224 saw appreciation and 112 witnessed price fall while 60 remained unchanged.

Asiatic Laboratories became the most-traded shares, with shares worth Tk 334 million changing hands, followed by Beacon Pharma, Orion Infusion, Golden Son and Lovello Ice-cream.

The Chittagong Stock Exchange also rebounded with its All Shares Price Index (CASPI) gaining 64 points to 16,188 and the Selective Categories Index (CSCX) rising 40 points to 9737.

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