The market rebounded strongly on Monday, snapping an eight-day sharp fall, as investors put fresh bets on major sector stocks, riding on the government steps to help revamp the ailing market.
The securities regulator raised the margin-loan ratio to 1:1 while the finance ministry is set to extend the tenure as well as the amount of the capital-market refinancing fund to help revamp the country’s moribund capital market.
Following the news, the bargain hunters, including institutional investors, rushed to buy shares as soon as the market opened and the key index jumped over 100 points at the opening which sustained till the end of the session.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), soared 118.86 points or 1.93 per cent to settle at 6261, after losing 556 points in the past eight consecutive days.
Two other indices also closed sharply higher with the DSE 30 Index, comprising blue chips, rising 32.58 points to finish at 2,309 and the DSE Shariah Index (DSES) soaring 15.26 points to close at 1,376.
Turnover, a crucial indicator of the market, stood at Tk 6.59 billion on the country’s premier bourse, which was 3.37 per cent lower than the previous day’s mark of Tk 6.82 billion.
All the sectors witnessed buying pressure, leading to the share price surged of more than 91 per cent stocks. Out of 376 issues traded, 343 advanced, 19 declined and 14 issues remained unchanged.
Beximco - the flagship company of Beximco Group- continued to dominate the turnover chart with shares worth about Tk 490 million changing hands, followed by Shinepukur Ceramics (Tk 386 million), JMI Hospital Requisite Manufacturing (Tk 269 million), Bangladesh Shipping Corporation (Tk 213 million) and IPDC Finance (Tk 206 million).
S Alam Cold Rolled Steels was the day’s top gainer, rising 9.87 per cent, while Bangas was the worst loser, shedding 4.79 per cent.
The Chittagong Stock Exchange (CSE) also rebounded with the CSE All Share Price Index – CASPI –soaring 322 points to settle at 18,400 and the Selective Categories Index – CSCX rising 192 points to close at 11,039.
Of the issues traded, 207 advanced, 51 declined and 16 issues remained unchanged on the CSE.
The port city’s bourse traded 9.90 million shares and mutual fund units with a turnover value of Tk 240 million.
