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The Financial Express

Stocks open positive as bourses back normal trading

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


Stocks open positive as bourses back normal trading

Stocks saw a positive trend in early trading on Wednesday as optimistic investors showed their appetite following the minimum shareholding ultimatum by the stock market regulator.

Recently, the securities 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.

Trading on the bourses backed to normal schedule for four hours from today after the remaining three hours since March 19. Trading starts at 10:30 am which will continue until 2:30 pm.

Within 30 minutes of trading, DSEX gained more than 3.0 points while the CSE All Share Price Index (CASPI) of port city’s bourse rose 12 points at 11:00 am when the report was filed.

DSEX, the prime index of the DSE, went up by 3.55 points or 0.08 per cent to stand 4,005 points at 11:00 am.

Two other indices also saw positive trend till then. The DS30 index, comprising blue chips, advanced 0.39 points to reach at 1,346 and DSE Shariah Index gained 0.67 points to stand at 924 points till then.

Turnover, the important indicator of the market, stood at Tk 240 million on DSE when the report was filed at 11:00 am.

Market operators said the securities regulator’s ultimatum to non-compliant directors of listed firms to ensure holding of minimum 2.0 per cent shares within 45 days led the buy pressure in the market.

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

Beximco Pharma was the most traded stocks till then with shares worth Tk 39 million changing hands, closely followed by Beacon Pharma, Progressive Life Insurance, Indo-Bangla Pharma, and Wata Chemicals.

The port city’s bourse – the Chittagong Stock Exchange – (CSE) also saw positive trend till then with the CSE All Share Price Index- CASPI-gaining 12 points to stand at 11,377 points, also at 11:00 am.

The Selective Category Index – CSCX – also rose 8.0 points to stand at 6,890 points till then.

Of the issues traded till then, 16 advanced, 5 declined and 23 issues remained unchanged with Tk 2.10 million in turnover.

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