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Core index exceeds 7000-mark on buying spree

DSE daily turnover hits two-week high


FE REPORT | December 08, 2021 00:00:00


Stocks extended the rally for the fifth straight session on Tuesday as investors continued to put fresh bets on major sector shares amid high expectations.

The market started on an upbeat trend which continued till the end of the session with no sign of reversal amid buying pressure across the board.

The DSEX, the prime index of Dhaka Stock Exchange, crossed 7,000 points-mark after nine trading days to settle at 7,048, after surging 70.45 points or 1.0 per cent.

The DSEX added 332 points in the past five consecutive sessions.

Market analysts said stocks stayed upbeat centering the coordination meeting coupled with fresh regulatory directive to comply with mandatory shareholding by sponsor-directors of listed companies within a month.

The Ministry of Finance held the meeting on Tuesday with the top officials of the central bank, stock market regulator and National Board of Revenue.

Although there was no decision taken at the meeting, they discussed about various issues regarding capital market and money market, sources said.

The committee, which is tasked to coordinate and monitor capital market activities, will sit again shortly.

Meanwhile, the Bangladesh Securities and Exchange Commission (BSEC) asked 25 listed companies to ensure holding of mandatory 30 per cent shareholding jointly in their respective firms within a month.

Investors' activity was firmly concentrated in some selective low-cap issues following the news that the securities regulator has directed 25 listed companies to hold the required 30 per cent stake for sponsor- director in one month, according to EBL Securities.

Stocks soared as the investors were putting fresh bets on the sector specific stocks with the hope of getting positive results in the coordinating meeting, according to International Leasing Securities.

Two other indices also ended higher. The DSE 30 Index, comprising blue chips, rose 25.67 points to finish at 2,660 and the DSE Shariah Index (DSES) gained 15.39 points to close at 1,480.

Turnover, a crucial indicator of the market, jumped to two-week high to Tk 13.31 billion, which was 50 per cent higher than the previous day's tally of Tk 8.87 billion.

The Chittagong Stock Exchange (CSE) also ended sharply higher with the CSE All Share Price Index - CASPI -rising 207 points to settle at 20,610 and the Selective Categories Index - CSCX-- soaring 122 points to close at 12,387.

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