The stock market extended the winning streak Tuesday with turnover hitting almost three months high on the premier bourse as investors put fresh funds on stocks riding on favourable regulatory interventions.
Turnover, a crucial indicator of the market, stood at Tk 11.83 billion on the country's prime bourse, in a further buck by 28 per cent over previous day's tally of Tk 9.22 billion.
It happens to be the biggest single-day transaction on the Dhaka Stock Exchange since May 10, when turnover recorded Tk 12.58 billion.
Along with rising turnover, DSEX, the prime index of the DSE, jumped 85.24 points or 1.38 per cent to settle at 6,249. DSEX added 269 points in the past three days after losing over 386 points in the previous 13 days.
Market operators said stocks kept gaining as the investors' buying spree added strength to the equity indices after the securities regulator reintroduced floor price mechanism.
The market witnessed a substantial increase in turnover thanks to the higher participation of general investors amid an upward trend in the market index, said a merchant banker.
"The general investors put fresh funds on lucrative issues hoping that the market will not fall further due to the floor price system," he said.
Some positive macroeconomic news such as higher remittance inflow, rising export, declining import and favorable regulatory interventions increased the market participation, he said.
"The growth in turnover pushed investors' confidence high and it suggested that institutional investors were active in the market," he added.
The stock market regulator on Monday urged the Bangladesh Association of Publicly Listed Companies (BAPLC) to increase their investment in the market.
Besides, the Bangladesh Securities and Exchange Commission (BSEC) held a held a meeting with Bangladesh Merchant Bankers Association (BMBA) on Tuesday and took some market supportive measures.
"The regulatory interventions regarding reintroducing the floor price and persuading the listed firms to inject fresh funds from their own portfolios have tamed the pessimism as well as restored their confidence," said EBL Securities.
The stockbroker noted that the recent rise in remittance inflow and declining imports are providing a breathing space to the ongoing stress on the country's foreign exchange reserve.
Two other indices also ended higher. The DS30 index, comprising blue chips, rose sharply by 30.01 points to finish at 2,234 and the DSE Shariah Index (DSES) soared 1,527 points to close at 1,362.
Textile sector kept its dominance in the turnover chart, capturing 22 per cent of the day's total turnover, followed by miscellaneous (11 per cent) and pharmaceuticals (8.0 per cent).
All sectors closed higher. Among the major sectors, general insurance saw the highest gain of 2.20 per cent, followed by textile with 1.40 per cent, cement 1.20 per cent and banking 1.10 per cent, power 1.0 per cent.
Gainers took a strong lead over the losers, as out of 382 issues traded, 290 advanced, 36 declined and 56 remained unchanged on the DSE trading floor.
Beximco - the flagship company of Beximco Group-continued topped the turnover list with shares worth Tk 903 million changing hands, followed by Fortune Shoes, Delta Life Insurance, Sonali Paper & Board Mills and Malek Spinning Mills.
Tamijuddin Textile Mills was the best performer, posting a gain of 9.97 per cent while Envoy Textile was the worst loser, losing 3.94 per cent.
The Chittagong Stock Exchange also kept rising with its All Shares Price Index (CASPI)-soaring 206 points to finish at 18,318 while the Selective Categories Index - CSCX rising 123 points to close at 10,975.
Of the issues traded, 193 advanced, 37 declined and 67 issues remained unchanged on the CSE.
The port city bourse traded 6.15 million shares and mutual fund units with turnover value of nearly Tk 170 million.
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