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Stock turnover nears Tk 12b-mark

| Updated: August 06, 2022 12:53:24


Stock turnover nears Tk 12b-mark

The stock market extended the winning streak Wednesday with turnover reaching nearly Tk 12 billion after three months as investors are putting fresh funds into stocks riding on favourable regulatory interventions.

Turnover, a crucial market indicator, stood at Tk 11.95 billion on the country’s prime bourse as against Tk 11.83 billion on the previous day.

Along with rising turnover, DSEX, the prime index of the DSE, also kept rising and went up by 50.87 points or 0.81 per cent to settle at 6,300. DSEX added 320 points in the past four days.

The market was in the recovery stage after the ‘floor price’ mechanism while the news of banks’ capital market exposure calculation on a cost price basis encouraged the investors to put fresh funds in stocks, market insiders said.

The Ministry of Finance on Tuesday allowed the banks to calculate their capital market exposure on a cost price basis instead of the market price which analysts think will reduce the sale pressure in the market in the coming months.

Besides, the news of rising remittance inflow, declining imports and increasing export growth are providing a breathing space to the ongoing stress on the country’s foreign exchange reserve, they said.

Two other indices also ended higher. The DS30 index, comprising blue chips, rose 24.62 points to finish at 2,258 and the DSE Shariah Index (DSES) gained 8.16 points to close at 1,370.

However, the losers took a modest lead over the gainers, as out of 382 issues traded, 162 declined, 152 advanced and 68 remained unchanged on the DSE trading floor.

Beximco was the most-traded stock with shares worth Tk 994 million changing hands, followed by Fortune Shoes, IPDC Finance, Malek Spinning Mills and Delta Life Insurance.

Fareast Finance was the top gainer, posting a gain of 10 per cent while Paper Processing & Packaging was the worst loser, losing 4.63 per cent.

The Chittagong Stock Exchange also kept gaining with its All Shares Price Index (CASPI)—rising 164 points to finish at 18,483 while the Selective Categories Index – CSCX gained 98 points to close at 11,073.

Of the issues traded, 150 advanced, 98 declined and 57 issues remained unchanged on the CSE.

The port city bourse traded 9.50 million shares and mutual fund units with a turnover value of Tk 215 million.

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