Stocks gained sharply yesterday, shrugging off technical glitch, led by mainly banks, pharmaceutical and engineering sectors.
The buy and sale of shares halted for one and a half hour on the Dhaka Stock Exchange (DSE) yesterday, leaving some traders frustrated for hours.
The country’s prime bourse failed to open the trade in the morning as no brokerage firms could log in to the main server.
The problem was fixed during noon and trading resumed at 12 pm and ended up at 4pm. Trading usually begins at 10:30am and ends at 2:30pm. The trading halt underscores technological challenges faced by the stock exchange, which have had several outages in this year.
In August, trading was suspended on DSE for two hours and in May it has to shorten trading hour for the technical fault glitch despite upgrading technology a few months back.
“The trading system of Dhaka Stock Exchange had a delayed start due to a technical issue which appears to relate to the infrastructure and not the Matching Engine or the Order Management System,” said the DSE in a statement. It said work was in progress to identify, isolate, and rectify the issue.
However, technical glitch did not deter investors in participation of trading, as stocks witnessed sharp rally, buoyed by the bank, pharmaceutical and textile sectors.
The benchmark DSEX climbed up over 65 points or 1.5% to 4,596.
The Shariah index DSES rose 15 points or 1.5% to 1,107. The blue chip comprising index DS30 closed at 1,745, rising around 25 points or 1.5% to 1,745.
The Chittagong Stock Exchange Selective Category Index CSCX moved up over 83 points to 8,500. Trading activities improved as the DSE turnover stood at Tk430 crore, up 6.6% over the previous session. Engineering sector attracted investors as it accounted for more than 20% of the total turnover.
Lanka Bangla Securities said though market saw buying enthusiasm immediately after opening, investors might have reacted positively to the news of hanging of war criminals and decision on providing cash incentives for boosting the export of pharmaceuticals, shipbuilding and some other non-traditional products.