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The stock market regulator continued with its tough stance on gamblers and came up with a number of conditions for junk stocks and slapped big fines on several companies as part of the clampdown on the wrongdoers
DSEX, the key index of the Dhaka Stock Exchange (DSE), gained 1.65% on Sunday amid growing general investors’ confidence over regulatory moves to revive the sinking market.
The key index of the country’s prime bourse ended at 5,094 points with 83 points gain on the day. The DSE witnessed a sharp gain in turnover, as the daily turnover crossed the Tk1,300 crore-mark. Market turnover advanced by 29.8% and stood at Tk1329 crore to end the session.
Talking to Dhaka Tribune, stock analysts and market insiders said the growing investors’ confidence following the securities regulator’s stance against manipulation, mandatory shareholding issue and planning to work on the junk stocks encouraged investors to take positions on stocks.
The stock market regulator continued with its tough stance on gamblers and came up with a number of conditions for junk stocks and slapped big fines on several companies as part of the clampdown on the wrongdoers, said a stock broker.
Director of DSE Rakibur Rahman said the stock market was not allowed to run normally in the last 10 years. The regulatory body controlled the index, causing damage to the confidence of investors.
He requested the current commission to refrain from controlling the index.
He added that if the rule of law was ensured in the stock market, the confidence of general investors would grow.
Prices of most shares on the bourses witnessed a positive trend in the early hours of trading on Sunday as optimistic investors continued to buy shares.
DSE Shariah based index DSES gained 1.05% to end at 1,170.7 points, while blue-chip index, DS30 went up by 0.96% to close at 1,756.9 points.
The pharmaceuticals sector contributed 16.3% of the total turnover while banking, engineering and insurance sectors contributed 14%, 11.8% and 9.1% respectively, according to stockbangladesh.com.
Among the traded issues, 226 gained, 106 declined and 25 remained unchanged during the session in the DSE.
Beximco Pharmaceuticals secured the leadership position on the top turnover chart with a turnover of Tk59 crore with its share price closing at Tk118.5 per share. The City Bank secured the highest gain of 10% during the session. Hakkani Pulp and Paper Mills turned out the worst loser with its price declining by 6%.
EBL Securities Limited in its daily market commentary says stock had a big jump as sectors specific scrips are soaring on investors’ optimism due to restructuring attempts by the BSEC particularly to fix under-performing shares.
Investors’ confidence on the new commission along with favorable economic indicators and resumption of economic operations have driven sideline investors to pour fresh funds on the bullish stocks market. Amidst rising turnover on the trading floor, investors continued their buying appetite in sector-wise stocks following the forthcoming year-end profit disclosure season, it also said.
The port city’s bourse, Chittagong Stock Exchange also registered a winning session at the end of the today’s session. The selected index, CSCX and CASPI advanced by 133.8 and 239.4 points respectively. Among the traded issues 177 gained, 85 declined and 25 remained unchanged in the bourse.
(DT)
