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Stocks gain as turnover hits one-year high

  • Published at 01:04 am February 14th, 2020
web-DSE-File photo of Dhaka Stock Exchange Limited
File photo of Dhaka Stock Exchange Limited Mehedi Hasan/Dhaka Tribune

The key index of Dhaka Stock Exchange (DSE) gained 83.78 points or 1.86% on the day to end at 4,564 points

Stocks extended the winning streak for the third straight session on Thursday, with turnover hitting one-year high buoyed by Bangladesh Bank’s special fund scheme for banks to provide liquidity support for the ailing capital market.

The key index of Dhaka Stock Exchange (DSE) gained 83.78 points or 1.86% on the day to end at 4,564 points. 

The turnover stood at Tk730 crore on DSE, climbing by 11% over previous day’s Tk657 crore. It was the biggest single-day transaction in the last 12-month since February 14, last year, when the turnover totaled a record Tk932 crore. 

Bangladesh Bank on Tuesday issued a circular, giving permission to all scheduled banks to form separate special funds of Tk200 crore each to invest in the capital market.

The fund can be drawn from the bank’s own resources or borrowing money from the central bank through Treasury bills or bond repurchase agreements or repos at a 5% interest rate.

These initiatives opened up an opportunity to bring a fresh investment of Tk12,000 crore from all 60 banks in the country, market operators said.

UCB Capital Management Limited in its daily market commentary said that investors went for buying scrips as momentum is slowly building after the announcement of liquidity support fund by the central bank. Among major sectors, fuel and power, engineering and textile advanced most. 

DSE Shariah based index DSES advanced 1.47% to end at 1,045.8 points, while blue-chip index, DS30 went up by 1.36% to close at 1,536.6 points.

A total of 29 transactions on 13 stocks worth Tk17.2 crore were executed in the block market of Dhaka Stock Exchange, showed DSE market statistics.

Khulna Power Company secured the leadership position on the top turnover chart with a turnover of Tk28.6 crore with its share price closing at Tk55.7 per share. Far Chemical Industries secured the highest gain of 10% during the session. Samata Leather Complex turned out to be the worst loser with its price declining by 5.7%. 

Among the traded issues 259 gained, 65 declined and 32 remained unchanged during the session in Dhaka Stock Exchange.