Friday, September 25, 2020 | ePaper

Bourses open higher amid rising turnover

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Economic Reporter :
Prices of most of the shares on both bourses witnessed upward trend in early trading on Wednesday as optimistic investors are showing their appetite on large-cap issues prompted by the securities regulator's hard stance on mandatory shareholding.
Following previous session's mild correction, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened higher amid rising trading activities.
Within first 15 minutes of trading, the key index of the country's prime bourse soared more than 42 points while the CSE All Share Price Index (CASPI) of port city's bourse jumped more than 80 points at 10:15 am.
After 30 minutes of trading, the DSEX rose more than 58 points while the CSE All Share Price Index (CASPI) of port city's bourse soared 102 points at 10:30 am when the report was filed.
DSEX, the prime index of the DSE, went up by 58.67 points or 1.29 per cent to reach at 4,591 points at 10:30 am.
The two other indices also saw upward trend till then. The DS30 index, comprising blue chips, rose 19.81 points to reach at 1563 and the DSE Shariah Index (DSES) jumped 17.98 points to reach at 1,081 points till then.
Turnover, the important indicator of the market, stood at Tk 2.06 billion when the report was filed at 10:30 am.
Market operators said the securities regulator hard stance on ensuring mandatory shareholding, action on wrongdoers, expansionary monetary policy and gradual reopening of the economy, prompted the investors to take position in sector-wise stocks.
The Bangladesh Securities and Exchange Commission (BSEC) on July 2 asked 61 directors of 22 listed companies to ensure mandatory 2.0 per cent stake by each director in their own companies other than the independent one within 45 days to continue their directorship.
In 2011, the regulator issued a circular, ordering sponsors and directors to hold a minimum 2.0 per cent of shares of a company individually and 30 per cent jointly. The directive was amended on May 21, 2019, imposing more restrictions.
The stock market regulator further directed the listed companies and their board of directors to comply with the directive regarding holding minimum 30 per cent shares jointly by the directors, other than independent ones, within 60 working days from July 29, 2020.
As per the BSEC information, 42 listed companies have not yet complied with the directive of holding minimum 30 per cent shares by their directors jointly.
The securities regulator's latest hard stance on ensuring mandatory 2.0 per cent shareholding by each director and jointly 30 per cent shareholding had a positive impact on the stock prices, said a leading broker.
Of the issues traded till then, 250 advanced, 44 declined, and 33 remained unchanged.
Nahee Aluminum was the most traded stocks till then with shares worth Tk 135 million changing hands, closely followed by Beximco Pharma, Fu-Wang Food, Beximco and Nitol Insurance.
The port city bourse - the Chittagong Stock Exchange - (CSE) also saw upward trend till then with CSE All Share Price Index- CASPI-rising 102 points to stand at 12,991, also at 10:30am.
The Selective Category Index - CSCX -also gained 57 points to stand at 7,858 points till then.
Of the issues traded till then, 77 gained, 18 declined, and 8 issues remained unchanged with Tk 27 million in turnover.

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