Dhaka shares continue to rise on BSEC moves

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Shares in Dhaka soared on Sunday, extending the streak of gains into the fourth session as investors continued to buy shares amid some measures by the Bangladesh Securities and Exchange Commission to contain the market‘s slide for a while. the Russian-Ukrainian war.

The DSEX, the key index of the Dhaka Stock Exchange, gained 1.46% or 97.58 points to close at 6,765.73 points on Sunday.

The DSEX has gained 308.96 points in the last four sessions.

Prior to the four-day rise, the DSEX had lost 297 points in four sessions.

Consistent with the previous session, the market began to rise from the start of Sunday’s session and continued to climb through the end of the session as investors increased their buying of stocks amid the BSEC steps. , market operators said.

After observing a relentless fall in share prices during the Russian-Ukrainian conflict, the BSEC on March 8 banned the shares of any company from falling more than 2% in order to curb panic selling.

The commission has also requested the Bangladesh Investment Corporation to start investing from funds of Tk 100 crore which have been donated by the capital market stabilization fund.

In addition, the BSEC also held a meeting with representatives of 33 banks scheduled for March 9 where the banks said they would increase investment in the stock market.

Of the 379 issues traded on Sunday, 273 advanced, 87 declined and 20 remained unchanged at the DSE.

EBL Securities, in its daily market commentary, said Dhaka’s stock continued its bull run as investors placed new bets on lucrative issues as regulatory intervention by the BSEC restored much-needed confidence in the stock market.

“However, many investors preferred to sit on the sidelines watching the market trend as concerns loomed over rising inflation, depreciating local currency and falling remittances,” did he declare.

Among large capitalized companies, the stock prices of Square Pharmaceuticals, LafargeHolcim Bangladesh, BEXIMCO, British American Tobacco and Beximco Pharmaceuticals gained on Sunday.

Average share prices for non-banking financial institutions, textiles, telecommunications and energy rose 2.3%, 2.2%, 1.8% and 1.2%, respectively.

In addition to war-related issues, the market was grappling with a Bangladesh Bank circular which stipulated that investments by non-banking financial institutions in shares and other capital market instruments would be considered as their investments in the capital market, and investors feared the directive would further squeeze NBFI investments in the stock market, market operators said.

Turnover on the DSE fell to Tk 998.73 crore on Sunday from Tk 1,061.2 crore in the previous session.

The DS30 index composed of 30 large-cap companies rose 38.08 points to end at 2,463.19 points and the DSE Shariah index rose 17.77 points to close at 1,453.18 points.

BEXIMCO topped the turnover chart with its shares worth Tk 72.55 crore changing hands.

Bangladesh Building Systems, BDCOM Online, Dragon Sweater, Orion Pharma, Agni Systems, Bangladesh Shipping Corporation, ACME Presticides, Yeakin Polymer and Fortune Shoes were other revenue leaders.

S Alam Cold Rolled Steels Limited was the best performer of the day, posting a gain of 9.92%, while United Insurance Limited was the worst loser, losing 5.19%.

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