Dhaka stocks soared on Tuesday, adding to the previous day’s gain as investors increased share buying amid market recovery hopes.
DSEX, the key index of the Dhaka Stock Exchange, gained 1.5 per cent, or 81.44 points, to close at 5,508.26 points on Tuesday after gaining 22.02 points in the previous session.
The core index started gaining from the beginning of Tuesday’s session and climbed firmly to finish the session with a hefty gain as a section of investors increased share buying after the recent fall in share prices, market operators said.
They said that market regulators also discouraged the institutional investors from selling shares.
Share prices of many companies fell to bottom in the recent rout that also provoked investors to inject funds into the market, they said.
Turnover on the DSE advanced to Tk 833.94 crore on Tuesday compared with that of Tk 618 crore in the previous session.
Share prices of a number of large capitalised companies, including BEXIMCO, Beximco Pharmaceuticals, Grameenphone, LankaBangla Finance and Square Pharmaceuticals advanced on the day that added fuel to the surge.
Share prices of the non-bank financial institution sector rebounded on Tuesday after a fall in the previous few days over a dividend issuance directive.
The Bangladesh Bank on February 24 issued a circular that the NBFIs which have classified loan ratio more than 10 per cent and capital adequacy ratio below 10 per cent will not be allowed to declare any dividend.
The market has been in the doldrums for a couple of months as investors were struggling with some issues, including the setting of ceiling on margin loan rate, approval of a number of companies’ initial public offerings in a short period of time and repeated changes in regulatory policies.
Share prices of eGeneration Limited, which made its debut on February 23, shot up by the maximum limit allowed for the sixth day to close at Tk 32.7 a share on Tuesday.
Average share prices of NBFI, pharmaceutical and bank sectors advanced by 3.5 per cent, 1.3 per cent and 1.1 per cent respectively.
Of the 359 scrips traded on the DSE on Tuesday, 233 advanced, 42 declined and 84 remained unchanged.
DS30, a composition of 30 large capitalised companies, added 1.87 per cent, or 38.75 points, to close at 2,108.15 points on the day.
Shariah index DSES also advanced by 1.35 per cent, or 16.66 points, to settle at 1,245.74 points.
British American Tobacco Company led the turnover chart with its shares worth Tk 104.78 crore changing hands on Tuesday.
BEXIMCO, Beximco Pharmaceuticals, Robi, LankaBangla Finance, Summit Power, Orion Pharmaceuticals, Square Pharmaceuticals and LafargeHolcim Bangladesh were the other turnover leaders on the day.
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