Economic Reporter :
Stocks kept the soaring trend with core index of the Dhaka Stock Exchange (DSE) crossed the 4,800-mark after 10 months as investors continued their buying spree on large-cap issues amid optimism.
DSEX, the key index of the DSE, went up by 156.16 points or 3.32 per cent to settle at 4,859 during the four and a half hours trading session.
Daily trade turnover on DSE also scaled Tk 13-billion mark on Sunday again as investors put fresh stakes on stocks amid growing confidence in the market.
Turnover, a crucial indicator of the market, stood at Tk 13.51 billion on the country’s premier bourse, climbing further by 12 per cent over previous day’s mark of Tk 12.08 billion.
It was the biggest single-day turnover in the last seven weeks since June 28, this year when turnover totalled Tk 25.43 billion riding on huge block trade of GSK Bangladesh.
Market insiders said investor enthusiasm sustained as local and foreign investors remained active in the market amid high hopes following regulatory moves to restore discipline in the market.
The stock market regulator’s strict stance on ensuring mandatory shareholding, exemplary punishment handed out to wrongdoers coupled with some positive macro indicators prompted investors to take position on large-cap stocks, said a merchant banker.
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.
The securities regulator’s latest stance on ensuring mandatory 2.0 per cent shareholding by each director and 30 per cent shareholding jointly had a positive impact on the stock prices, said a leading broker.
The market turnover has been staying above Tk 10 billion over the last five consecutive sessions as the investors took fresh position on sector specific stocks, said the stockbroker.
Two other indices also ended higher. The DS30 index, comprising blue chips, advanced 45.58 points to finish at 1,639 and the DSE Shariah Index rose 21.42 points to close at 1,109.
