Dhaka stocks bounced back Tuesday snapping five consecutive sessions of losing streak with a single day record trading of Titas Gas, the day's top turnover leader and also the top gainer.
However, the Dhaka Stock Exchange (DSE) suspended share trading of 14 mutual funds on the day following media reports on the High Court's three-month stay order on the amendment of the close-end mutual fund rules.
The news of energy ministry's clarification that Titas has already complied with the direct listing regulations by offering 10 per cent of the total holdings, whether fully sold or not, through the country's two stock exchanges propelled the Titas shares to the new height.
On its 24th trading day, a total of 3,926,050 shares of Titas worth Tk 1.25 billion were sold at the prime bourse on the day, which is the highest ever single day transaction by a company in the country's stock market.
"Share offloading of Titas was at a snail's pace so far as the investors, particularly big ones, waited for the prices to drop," said a market insider.
Stock prices of the gas distribution company, the highest gainer on the day, rose 17.38 per cent to close at Tk339.25 per share.
"Mainly individual investors pumped huge fund on Titas stocks, which led to the highest ever single-day trading by a company," said chief executive officer of DSE Salahuddin Ahmad Khan.
About trading suspension of mutual funds, he said, "The bourse has suspended share trading of mutual funds on the day due to media reports on High Court's issuing a three-month stay order on the amendment of the mutual fund rules."
"However, trading of the funds will be considered after getting copy of the court order and hope we'll get the copy today (Tuesday)," he added.
The Jamuna Oil Company, another state-owned company when offloaded shares under direct listing regulations, held the earlier record of single-day biggest trading by a company. Its turnover was Tk 1.04 billion set on January 18 this year, the day it debuted on the DSE.
The market barometers - the benchmark DSE General Index(DGEN), All Shares Price Index (DSI) and DSE-20 Index (DS20)- rose 54.22 points, 44.84 points and 45.29 points to end at 2714.33, 2332.90 and 2482.85.
The market moved into the positive territory as the uncertainty created over Titas compliance with the direct listing regulations is almost over due to ministry's clarification, according to the market operators.
The total turnover increased to Tk 3.56 billion against the previous day's Tk 2.07 billion on the back of huge trading of Titas and Lanka Bangla Finance. The market capitalisation also rose to Tk 947.93 billion from Tk 933.59 billion. Out of 216 issues traded on the day, 162 declined, 49 advanced and five remained unchanged.
Lanka Bangla Finance was the top turnover leader with shares worth Tk 256.80 million traded, followed by Beximco Pharma with Tk 223.65 million, UCBL Tk219.70 million, Beximco Tk 217.23 million and Square Pharma Tk 97.59 million traded.
Central Insurance was the second top gainer with 9.87 per cent rise, followed by Beximco Pharma 9.82 per cent, Eastern Lubricant 8.64 per cent and Maq Paper 8.06 per cent.
