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Stocks rebound strongly

  • Staff Correspondent
  • 2 December, 2021 12:00 AM
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Stocks rebound strongly

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Stocks rebounded strongly on Wednesday, snapping a recent bearish trend, amid investors’ optimism after the central bank and the securities regulator agreed to resolve their disputes.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), soared 143.74 points or 2.14 per cent to settle at 6,847, after losing over 92 points in the previous day.

A high-voltage meeting between Bangladesh Bank and Bangladesh Securities and Exchange Commission was held Tuesday where they agreed to resolve any complex issues through discussion for ensuring sustainable development of the country’s capital market.

Earlier, the central bank and the stock market regulator ordered listed banks and non-bank financial institutions in the opposite direction which impacted investors’ confidence.

Market analysts said investors went on a buying spree on major sector shares as the central bank and the securities regulator have agreed to work together regarding some policy matters related to the stock market.

Two other indices also ended sharply higher. The DSE 30 Index, comprising blue chips, jumped 73.56 points to finish at 2,589 and the DSE Shariah Index (DSES) soared 32.21 points to close at 1437.

Turnover, a crucial indicator of the market, stood at Tk 11.02 billion, which was nearly 4.0 per cent lower than the previous day’s tally of Tk 11.46 billion.

Gainers took a strong lead over the losers, as out of 373 issues traded, 293 advanced, 45 declined and 35 issues remained unchanged on the DSE trading floor.

Beximco, which surged 9.80 per cent, was the most traded stock with shares worth Tk 1.22 billion changing hands, closely followed by ONE Bank (Tk 1.13 billion), First Security Islami Bank (Tk 772 million), Delta Life Insurance (Tk 464 million) and Acme Pesticides (Tk 319 million).

Index Agro Industries was the day’s highest gainer, gaining 9.99 per cent while Tung Hai Knitting & Dyeing was the day’s worst loser, losing 11.26 per cent following its no dividend declaration news.

The Chittagong Stock Exchange (CSE) also sharply higher with the CSE All Share Price Index – CASPI –soaring 383 points to settle at 19,998 and the Selective Categories Index – CSCX, rising 233 points to close at 12,023.