Stocks’ Robust Surge

DSEX hits 13-month high

Both the stocks have seen substantial growth on Sunday, bringing back confidence among the investors. The stocks regained the market following the government’s commitments to continue supporting the stock-markets. The assurances coupled with positive remarks from the national board of revenue leaders boosted the market.

The prime index of Dhaka Stock Exchange (DSEX) jumped 2.04 percent or almost 108.15 points on the day, marking the biggest single-day gain in the last 13 months. “The government recently made some crucial decisions to continue supporting the capital market. Such strong commitment has helped enlighten the share markets and hence - the robust comeback,” eminent economist and market analyst Prof Abu Ahmed told Bangladesh Post.

On the other hand, the timely measure from regulator, Securities and Exchange Commission of Bangladesh is part of an initiative to prevent crashing stock prices, he said. Ahmed said potential investors have returned on the market to show their buying spree on sector-wise securities. So, it is good news for the market.

They urged the government to build strong capital market to ensure long term investments by enlisting good financial-based companies as it is crucial for sustainable economic growth. Besides, the government should give market-supportive measures especially exemption of taxes on listing companies on upcoming national budget for encouraging investors to comeback.

However, the DSEX rose sharply by almost 108.25 points or 2.04 percent to at 5,394 points on Sunday. Meanwhile, the blue chip index (DS30) gained 31 points or 1.66 percent to close at 1,901 points. The DSE Shariah Index (DSES) also jumped 15.63 points or 1.27 percent to close at 1,240 points. However, the total turnover of DSE increased by 12.6 percent to Tk 5.35 billion from the previous day’s Tk 4.75 billion.

The market cap of DSE increased to Tk 3,961 billion, Tk 3,888 billion on the previous day. Of the 345 issues traded, 292 closed higher, 38 incurred losses and 15 remained unchanged on the DSE trading floor. Bangladesh Shipping Corporation dominated the turnover chart and became the top on the DSE floor with 3.94 million shares worth Tk 199 million changing hands.

It was closely followed by National Tubes, Fortune Shoes, Monno Ceramic and United Power. Familytex (BD) was the day’s best performer, posting a gain of 10 percent while Standard Ceramic was the worst loser, plunging by 7.77 percent. Meanwhile, the Chittagong Stock Exchange (CSE) also saw positive trend on Sunday with its selective category index (CSCX) gaining 205 points to close at 9,988 points.

On the other hand, the all share price index of the CSE (CASPI) was higher by almost 342 points on the time to close at 16,503 points. At the CSE, gainers beat losers as out of 259 issues traded, 217 closed higher, 32 finished lower and 10 remained unchanged. However, the number of shares transacted on the CSE floor was 10.22 million and the total turnover in value was Tk 28.31 crore.