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The Financial Express
Swasti Lankabangla Swasti Lankabangla

DSEX exceeds 4,000-mark after five weeks

| Updated: July 16, 2020 09:53:53


DSEX exceeds 4,000-mark after five weeks

The prime index of the Dhaka Stock Exchange (DSE) crossed the 4,000-mark after five weeks on Tuesday as optimistic investors continued their buying binge on the regulatory move for ensuring mandatory shareholding rules.

DSEX, the key index of the DSE, went up by 7.15 points or 0.17 per cent to settle at more than one month high at 4,001, since May 31.

Market analysts said the securities regulator’s ultimatum to 61 directors of 22 listed firms to ensure holding of minimum 2.0 per cent shares led the buying pressure in the market.

Recently, the stock market regulator has asked 61 directors of 22 listed companies to ensure a minimum 2.0 per cent shares in their own companies within 45 days to continue their directorship.

According to the rules, if any director fails to comply with the 2.0 per cent shareholding rules, his/her position would be automatically vacated.

Two other indices also edged higher. The DS30 index, comprising blue chips, rose 3.75 points to finish at 1,346 and the DSE Shariah Index advanced 1.88 points to close at 923.

Turnover, another important indicator of the market, stood at Tk 1.38 billion on the country’s prime bourse, which was 8.0 per cent lower than the previous day’s turnover of Tk 1.50 billion.

However, most of the investors remained worried about the adverse impact of worsening pandemic situation with looming uncertainty about economic growth and the regulator-enforced floor price system.

He noted that the investors have failed to sell shares of more than two- thirds companies due to the floor price restriction.

Most of the shares remained stuck at the trading floor. Of the issues traded, 229 remained unchanged while 47 issues advanced and 36 declined on the DSE floor.

A total number of 29,069 trades were executed in the day’s trading session with a trading volume of 50.16 million shares and mutual fund units.

The market-cap on the premier bourse also rose to Tk 3,122 billion on Tuesday, from Tk 3,120 billion in the previous session.

Beacon Pharma topped the turnover chart with shares worth Tk 127 million changing hands, followed by Beximco Pharma, Exim Bank, Orion Pharma and Progressive Life Insurance.

Paramount Insurance was the day’s best performer, posting a gain of 9.98 per cent while Dhaka Insurance was the worst loser, losing 3.55 per cent.

The Chittagong Stock Exchange also ended higher with its All Shares Price Index (CASPI)—advancing 26 points to close at 11,364 and the Selective Categories Index - CSCX –gaining 15 points to finish at 6,882.

Of the issues traded, 27 gained, 14 declined and 79 remained unchanged on the CSE.

The port city bourse traded 1.72 million shares and mutual fund units with a turnover value of Tk 36 million.

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