Stocks shake off jitters
Dhaka stocks bounced back yesterday after market regulators assured investors that the global turmoil would not create an impact on the local capital market.
Investors, especially those who were nervous and went into panic selling on Sunday, won back their confidence yesterday, according to market operators.
“What the regulatory body did was an appropriate and timely step to calm fears about any impact of global financial turmoil on our local market,” said Shaif Ataur Rahman, managing director of SAR Securities.
In a Sunday briefing, officials of the Securities and Exchange Commission and Dhaka Stock Exchange (DSE) said the global financial turmoil was unlikely to hurt the country's capital market, as Bangladesh is not much allied with the international capital markets.
The benchmark index of the prime bourse, DSE General Index, rose 32.76 points, or 1.14 percent, to 2888.7 points. The DSE All Share Price Index gained 30.71 points, or 1.29 percent, to 2397.17 points.
Turnover however came down to Tk 516.24 crore from the previous day's Tk 590.51 crore.
Most securities traded up on the premier bourse. Of the 237 traded issues, 168 gained, 59 declined and 10 remained unchanged. A total of 3,37,65,979 shares traded on the DSE.
After Sunday's massive decline, the market retreated the red as the DGEN gained about 50 points in the opening session. The market went down a little later at a stable rate. The movement continued until the midday session. The bourse lost about 45 points during the period.
The market continued to recover some losses at the close.
Market capitalisation increased to Tk 1,00,923.35 crore from the previous day's Tk 99,915.07 crore.
Most banks lost, while all non-banking financial institutions recorded massive gains.
Mutual funds, fuel and power and pharmaceuticals sectors passed a mixed day. Most insurance companies gained.
Chittagong stocks also gained yesterday. The CSE Selective Categories Index rose 100.63 points, or 1.75 percent, to 5832.93 points, while the CSE All Share Price Index increased 155.54 points, or 1.77 percent, to 8931.88 points.
A total of 70,26,343 shares worth Tk 73.10 crore changed hands on the Chittagong Stock Exchange. Of the 144 issues traded on the port city bourse, 105 advanced and 37 declined with two remaining unchanged.
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