Floor price removal boosts Dhaka stocks to hit new high

Dhaka stocks hit nearly a three-and-a-half-year high today as institutional investors got their confidence back after the removal of the floor price from all companies by the stock market watchdog.

DSEX, the benchmark index of the Dhaka Stock Exchange, rose 56 points or 0.92 per cent to 6,125, the highest since January 30 in 2018 when the DSEX was at 6,127.

The Bangladesh Securities and Exchange Commission (BSEC) took a decision to lift the floor price from all the listed companies on Thursday, which became effective on Sunday, the first trading day of the week.

Last April, the commission lifted the floor price from 66 companies primarily.

At the DSE, 224 stocks rose, 119 declined and 29 remained unchanged.

Turnover, an important indicator of the market, rose 11 per cent to Tk 2,043 crore.

Tamijuddin Textile topped the gainers' list that rose 10 per cent followed by Paper Processing and Packaging, Bangladesh Monospool Paper Manufacturing, Alif Industries Ltd and Intraco Refueling.

Beximco Ltd topped the turnover list with shares worth Tk 111 crore changing hands followed by Malek Spinning, National Feed Mills, Maksons Spinning and Fortune Shoes.

Sea Pearl Beach Resort & Hotel shed the most that fell 9.9 per cent today followed by Index Agro, Sonali Paper, Dacca Dyeing and United Insurance.

The port city bourse soared on the day. The CASPI, the general index of the Chattogram Stock Exchange, rose 178 points to 17,762.

Among 309 traded stocks, 195 advanced, 96 dropped and 18 remained unchanged.