Stocks rise on merchant banks
Dhaka stocks gained yesterday, driven by reports that some top merchant bankers would increase the margin loan ratio next week.
A continuous price correction in the market over the past several days prompted the merchant bankers to hike the margin loan ratio, insiders said.
The margin loan ratio states the eligibility of providing loans by the merchant banks to their clients or investors.
The merchant bankers may offer loans at 1:1 ratio, up from the current range between 1:0.75 and 1:0.85.
The benchmark index of Dhaka Stock Exchange, DSE General Index, rose 40.28 points, or 1.42 percent, to 2868.11 points. The DSE All Share Price Index also advanced 34.75 points, or 1.48 percent, to 2376.66 points.
The market looked bullish throughout the day. In the opening 30 minutes, it gained around 33 points. The bourse stabilised for the next 60 minutes.
The market quickly gained about 12 points in the next 15 minutes and came down a little and in the next 45 minutes it lost about 15 points.
The market held steady for the rest of the day before closing higher than the previous day.
Most securities traded up on the premier bourse. Of the 239 traded issues, 164 advanced, 67 declined and eight remained unchanged.
Shares of most banks, fuel and power, pharmaceuticals and insurance companies gained, while most non-banking financial institutions and mutual funds lost.
A total of 2,59,44,537 shares worth Tk 380.35 crore changed hands on the DSE. Market capitalisation stood at Tk 1,00,812.90 crore at the end of the day.
Beximco Pharma topped the turnover leaders with 17,90,150 traded shares worth Tk 29.31 crore. The other turnover leaders were Titas Gas, Desco, Beximco, Summit Alliance Port, AIMS 1st Mutual Fund, Square Pharma, Golden Son, ACI and Quasem Drycells.
Chittagong stocks marked a rise yesterday. The CSE Selective Categories Index increased 89.67 points, or 1.58 percent, to 5739.35 points. The CSE All Share Price Index grew 130.99 points, or 1.51 percent, to 8775.07 points.
A total of 63,90,028 shares worth Tk 57.06 crore changed hands on the port city bourse. Of the 149 traded securities, 97 advanced and 49 declined, with three finishing unchanged.
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