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The Financial Express

Stocks rebound strongly on BB moves

FE Online Report | Published: February 11, 2020 18:39:26 | Updated: February 12, 2020 10:00:29


Stocks rebound strongly on BB moves

Stocks rebounded strongly Tuesday, snapping a five-day losing streak as the central bank’s market-supportive moves brought a ray of hope to investors.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 85.96 points or 1.96 per cent to settle at 4,471, after losing 121 points in the past five sessions.

Market operators the government’s promise of credit support for the capital market finally came through Monday which made the investors optimistic.

The central bank has allowed all scheduled banks to create a special fund worth Tk 2.0 billion each of five-year tenure for investment in the capital market, according to a Bangladesh Bank circular issued on Monday.

Two other indices also ended higher. The DS30 index, comprising blue chips, rose 25.65 points to finish at 1,517 and the DSE Shariah Index soared 13.85 points to close at 1,030.

Turnover, a crucial indicator of the market, also rose and amounted to 5.05 billion, which was 48 per cent higher than the previous day’s turnover of Tk 3.41 billion.

Gainers took a strong lead over the losers as out of 356 issues traded, 296 closed higher, 40 ended lower and 20 remained unchanged on the DSE trading floor.

A total number of 133,974 trades were executed in the day’s trading session with trading volume of 203.41 million shares and mutual fund units.

The market-cap of the DSE also fell to Tk 3,413 billion, from Tk 3,357 billion in the previous session.

LafargeHolcim continued to top the turnover chart with shares worth Tk 315 million changing hands, followed by ADN Telecom, SK Trims & Industries, Indo-Bangla Pharma and Orion Infusion.

Prime Finance 1st AMCL Mutual Fund was the day’s best performer, posting a gain of 10 per cent while Fareast Finance was the worst loser, losing 6.45 per cent.

The port city’s bourse, the Chittagong Stock Exchange, also ended higher with its All Shares Price Index (CASPI)—soaring 251 points to close at 13,632 and the Selective Categories Index - CSCX –rising 152 points to finish at 8,266.

Here too, the gainers beat losers, as 202 issues closed higher, 28 ended lower and 22 remained unchanged on the CSE.

The port city bourse traded 13.12 million shares and mutual fund units worth Tk 303 million in turnover.

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