Stocks edge up on budget hope | The Daily Star
12:00 AM, May 29, 2019 / LAST MODIFIED: 12:00 AM, May 29, 2019

Stocks edge up on budget hope

Stocks rallied yesterday riding on the renewed confidence of investors who are hopeful that the budget for the next fiscal year would spell out measures to shore up the sluggish market.

The regulator unofficially called upon many institutional investors to support the market, telling them that the finance minister would provide incentives for stocks in the next budget, according to insiders.

Subsequently, some institutional investors were active yesterday, propping up the key index, said a top official of a merchant bank.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), was up 75.21 points, or 1.43 percent, to close at 5,328.76.

The gains may be extended further as institutional investors have received policy support from the government, the official added.

Turnover, another important indicator of the market, was Tk 403.13 crore, up 14.7 percent from the previous day, according to DSE data.

Square Pharmaceuticals dominated the turnover chart with 4.98 lakh shares worth Tk 12.43 crore changing hands, followed by United Power Generation, Brac Bank, Premier Bank, and British American Tobacco Bangladesh.

New Line Clothings topped the gainers’ list, advancing 16.16 percent to Tk 23. Sonar Bangla Insurance was the worst loser shedding 10.40 percent.

Among the major sectors, food rose 5.1 percent and telecom 2.5 percent while the life insurance sector declined 2.1 percent.

Chittagong stocks also rose with the bourse’s benchmark index, CSCX, climbing 150.85 points, or 1.55 percent, to finish the day at 9,845.90.

Gainers beat losers as 158 securities advanced, 47 declined and 40 finished unchanged on the CSE. The port city bourse traded 75.19 lakh shares and mutual fund units worth Tk 41.12 crore.

CSE REVISES SHARIAH INDEX

The CSE has revised its Shariah Index, excluding seven companies and including 17 on the basis of their performance.

The revised index will be effective from June 11, the bourse said in a statement yesterday.

A total of 127 companies are now listed with the CSE Shariah Index after the revision. The index is reviewed once a year.

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