Stocks maintain positive trend
Economic Reporter :
Stocks extended the gaining streak for the three consecutive sessions on Wednesday as some investors continued to show their buying appetite following the minimum shareholding ultimatum by the regulator.
DSEX, the key index of the Dhaka Stock Exchange, went up by 32.83 points or 0.82 per cent to settle at more than one month high of 4,034 during four hours trading as bourses returned to normal trading schedule.
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.
The stock market regulator has recently 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.
If any of the directors fails to comply with the new rules within stipulated time, their position would be automatically vacated.
To comply with the rules, many directors will have to buy shares within the 45-day time frame which boost the investors' confidence, said a leading broker.
Meanwhile, two other DSE indices also ended higher on Wednesday. The DS30 index, comprising blue chips, gained 11.02 points to finish at 1,357 and the DSE Shariah Index rose 4.79 points to close at 928.
Turnover, another important indicator of the market, rose to Tk 2.31 billion on the country's prime bourse, which was 67 per cent higher than the previous day's turnover of Tk 1.38 billion.
An analyst, however, said most of 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, 218 remained unchanged while 101 issues advanced and 23 declined on the DSE floor.
As many as 49,994 trades were executed in the day's trading session with a trading volume of 97.97 million shares and mutual fund units.
The market-cap on the premier bourse also rose to Tk 3,135 billion on the day, from Tk 3,122 billion in the previous session.
Beximco Pharma topped the turnover chart with shares worth Tk 171 million changing hands, followed by Beximco, Beacon Pharma, Premier Bank and Orion Pharma.
Janata Insurance was the day's best performer, posting a gain of 10 per cent while Dacca Dyeing was the worst loser, dropping 8.0 per cent.
The Chittagong Stock Exchange also ended higher with its All Shares Price Index (CASPI) advancing 84 points to close at 11,448 and the Selective Categories Index (CSCX) gaining 51 points to finish at 6,933.
Of the issues traded, 66 gained, 11 declined and 86 remained unchanged on the CSE.
The port city bourse traded 3.37 million shares and mutual fund units with turnover value of Tk 52 million.