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Stock
Star Business Report
Mon Nov 7, 2022 12:00 AM
Last update on: Mon Nov 7, 2022 02:23 AM

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Stock

Stocks extend gaining streak

Key index rises for fourth consecutive session
Star Business Report
Mon Nov 7, 2022 12:00 AM Last update on: Mon Nov 7, 2022 02:23 AM

Stocks listed with the Dhaka Stock Exchange (DSE) yesterday extended their gaining streak by a fourth consecutive trading session after news broke that Bangladesh Bank removed the floor on deposit rates.

The DSEX, the benchmark index of the Dhaka bourse, rose 5 points, or 0.07 per cent, to 6,415.

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The DS30, the blue-chip index, rose 0.25 per cent to reach 2,258 points while the DSES, which consists of shariah-compliant companies, advanced 0.31 per cent to hit 1,405 points.

The market remained upbeat as people believe that savers may prefer the stock market as the central bank decided to withdraw the interest rate floor on retail term deposits, according to a stockbroker.

Previously, the deposit rate set by banks was equivalent to the average inflation rate of the immediate past three months.

"As the inflation rate spiked more than 9 per cent in recent months, the deposit rate could have been higher than it is now, but the central bank's decision stopped it from happening," he added.

The stockbroker then said that keeping low deposit rates in the banking sector is a positive for the stock market as people will prefer keeping their money in stocks instead of banks in hopes of better returns.

Although the DSEX has been moving in the past few days while market turnover remains over Tk 1,000 crore, most stocks have become illiquid, a merchant banker said.

At the DSE, 62 securities advanced, 91 declined, and 213 did not see any movement.

Turnover of the Dhaka bourse, an important indicator of the market, fell 15 per cent to Tk 1,275 crore.

Many stocks cannot drop below a certain price thanks to the floor price imposed by the market regulator, but investors think share values could fall further once the limiter is removed.

"So, they are avoiding buying stocks," he said

The Bangladesh Securities and Exchange Commission set the floor price of every stock on July 29 to halt the freefall of market indices amid global economic uncertainties that impacted the country's economic indicators in recent months.

The floor price of each share is the average of its closing price on July 28 this year and the preceding four days.

Dhaka stocks edged into the green after a bumpy ride following a sharp rise in the past three days as optimistic investors deposited fresh funds expecting positive drive ahead amid the June-end dividend declaration, International Leasing Securities said in its daily market review.

Investors were active on both sides of the trading fence as some booked profits from a recent market surge, the brokerage added.

Among the sectors, cement rose 4.2 per cent, paper advanced 3.6 per cent and IT edged up 2.6 per cent while travel dropped 4.2 per cent, general insurance fell 1 per cent and tannery lost 0.7 per cent.

Investors' focus was mainly on the pharmaceutical (17 per cent), miscellaneous (16.2 per cent) and IT (14.1 per cent) sectors.

Chartered Life Insurance topped the gainers' list by advancing 10 per cent while Pragati Life Insurance, Genex Infosys, Bashundhara Paper Mills, and Sinobangla Insurance each gained more than 9 per cent.

Bangladesh Monospool Paper Manufacturing suffered the sharpest fall, giving up 7.70 per cent, while Hakkani Pulp, Ratanpur Steel Re-Rolling Mills, Bangladesh Building Systems, and Sea Pearl Beach Resort & Spa were among the major losers.

The CASPI, the all-share price index of the Chittagong Stock Exchange, dropped 26 points, or 0.13 per cent, to close at 18,918.

Of the issues traded at the port city bourse, 54 advanced, 79 declined, and 101 did not show any price movement.

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