DGEN rises marginally
Monday, 1 December 2008
FE Report
Dhaka stocks inched up Sunday ending the declining streak on strong buying support from the institutional investors.
The benchmark index DSE General Index (DGEN) that lost more than 80 points in early trading rose marginally 9.43 points, to close at 2468.91.
With a view to reversing the protracted sluggish market, the merchant bankers have agreed they will not go for the forced sale before Eid-ul-Azha, one of the major religious festivals of Muslims, to be celebrated on December 9.
The decision was made at a meeting between the Securities and Exchange Commission (SEC) and the merchant bankers Sunday afternoon.
A source close to the meeting said, "The merchant bankers have agreed not to force their clients to sell their shares for loan adjustment before Eid in order to stimulate the market."
The meeting also decided that the merchant bankers would buy shares on their own and provide loan against the securities with good fundamentals aiming to increase fund flow to the market, he added.
On the same day before sitting with merchant bankers, the SEC had a meeting with the Dhaka Stock Exchange and the Chittagong Stock Exchange (CSE) to find out a solution for bailing the market out of long bear-run.
The meeting identified that selling pressure due to loan adjustment by the merchant bankers and eroding confidence because of long bearish spell are the major setbacks for the market.
The SEC is expected to sit with representatives from brokerage houses today (Monday) to review the current market scenario.
All Shares Price Index (DSI) rose 4.78 points to end at 2040.20. But the DSE20 Index comprising blue chip fell 10.84 points to close at 2468.91.
The market moved to the positive territory in the final hour of the trade because of strong buying support from the institutional investors, according to the market operators.
Of the total 220 issues traded, 101 advanced, 110 declined and nine remained unchanged.
The day's total turnover declined to Tk 1.76 billion against the previous day's Tk 2.61 billion while the market capitalisation remained steady at Tk 949.62 billion.
Dhaka stocks inched up Sunday ending the declining streak on strong buying support from the institutional investors.
The benchmark index DSE General Index (DGEN) that lost more than 80 points in early trading rose marginally 9.43 points, to close at 2468.91.
With a view to reversing the protracted sluggish market, the merchant bankers have agreed they will not go for the forced sale before Eid-ul-Azha, one of the major religious festivals of Muslims, to be celebrated on December 9.
The decision was made at a meeting between the Securities and Exchange Commission (SEC) and the merchant bankers Sunday afternoon.
A source close to the meeting said, "The merchant bankers have agreed not to force their clients to sell their shares for loan adjustment before Eid in order to stimulate the market."
The meeting also decided that the merchant bankers would buy shares on their own and provide loan against the securities with good fundamentals aiming to increase fund flow to the market, he added.
On the same day before sitting with merchant bankers, the SEC had a meeting with the Dhaka Stock Exchange and the Chittagong Stock Exchange (CSE) to find out a solution for bailing the market out of long bear-run.
The meeting identified that selling pressure due to loan adjustment by the merchant bankers and eroding confidence because of long bearish spell are the major setbacks for the market.
The SEC is expected to sit with representatives from brokerage houses today (Monday) to review the current market scenario.
All Shares Price Index (DSI) rose 4.78 points to end at 2040.20. But the DSE20 Index comprising blue chip fell 10.84 points to close at 2468.91.
The market moved to the positive territory in the final hour of the trade because of strong buying support from the institutional investors, according to the market operators.
Of the total 220 issues traded, 101 advanced, 110 declined and nine remained unchanged.
The day's total turnover declined to Tk 1.76 billion against the previous day's Tk 2.61 billion while the market capitalisation remained steady at Tk 949.62 billion.