Stocks rise as BSEC sits with stakeholders

Stocks in Bangladesh rose yesterday after reports became public of the market regulator sitting with all stakeholders that very day to find ways of boosting investment. 

The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), rose 17 points, or 0.28 per cent, to 6,202 points.

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The DS30, the blue-chip index, went up 0.21 per cent to 2,196 points while the DSES, the index that represents Shariah-based companies, advanced 0.26 per cent to 1,355 points.

Turnover, an important indicator of the market, increased 47 per cent to Tk 291 crore from that on the previous day.

The index rose as people were in the mood to make purchases after news broke of the Bangladesh Securities and Exchange Commission's (BSEC) meeting with stakeholders to find the reasons of the recent market fall, said a stockbroker.

It gave some confidence that the regulator will take steps to give a boost to ailing stocks, so investors tried to buy stocks, he added.

Among the companies to undergo trade, 77 advanced, 90 declined and 188 remained the same.

Islami Commercial Insurance posted the highest appreciation, 9.94 per cent. The Sea Pearl Cox's Bazar Beach Resort & Spa surged 9.91 per cent while Ratanpur Steel Re-Rolling Mills 9.82 per cent.

Desh Garments suffered the biggest fall, 9.96 per cent. Prime Bank dropped by 2 per cent while Libra Infusion by around 1 per cent.

The Sea Pearl Cox's Bazar Beach Resort & Spa was the stock to be traded the most on the day with shares worth Tk 26 crore changing hands. Intraco Refueling Station, Bashundhara Paper Mills, Orion Pharma and Genex Infosys also saw a significant number of transactions.

Following the last session's upward movement, the market started off on a positive note and bargain hunters exhibiting interest in purchasing stocks of select sectors at lucrative prices throughout the session, said International Leasing Securities in its daily market review.

The regulator's meeting with stakeholders and market intermediaries regarding the current market scenario also tempted investors to remain vibrant on the trading floor as they expect a positive output, it said.

Among the sectors, travel rose 6.9 per cent, IT 2.8 per cent and service 1.8 per cent whereas jute dropped 1 per cent, textile 0.1 per cent and bank 0.02 per cent.

Based on the turnover, investors' activities were mostly centred on pharmaceuticals (17.6 per cent), IT (13.3 per cent) and travel (11.3 per cent) sectors.

The Caspi, the all-share price index of Chittagong Stock Exchange, increased 44 points, or 0.24 per cent, to end the day at 18,315 points.

Of the securities that underwent transactions, 48 advanced, 38 declined and 97 did not show any price movement.