Chattogram bourse registers record Tk530 crore turnover on Wednesday
The Chittagong Stock Exchange (CSE) registered its highest ever turnover totalling Tk530 crore turnover on Wednesday, owing to a large number of block trades by institutional investors ahead of the closing of the fiscal year.
The port city bourse had seen Tk20.4 crore in turnover on Tuesday and the gigantic spike was from Tk515 crore trading in the block market, where buyers and sellers meet at a negotiated price to trade bulk numbers of shares without disrupting the regular public market.
The CSE has been evolving itself towards a forward-looking bourse and hosting of the gigantic bulk trades was a reflection of that, said CSE Acting Managing Director Md Ghulam Faruque.
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CSE's previous highest turnover in a single session was nearly Tk400 crore.
Stockbrokers said institutional investors ahead of their fiscal year closing tend to book profits, rebalance portfolios through selling less potential stocks and buying more potential ones.
Investment Corporation of Bangladesh and its various investment entities were the major investors behind the gigantic block trades on Wednesday, they added.
Aman Cotton Fibrus, Bangladesh Submarine Cable Company, Bank Asia, British American Tobacco, Berger Paints Bangladesh, Beximco Ltd, Eastern Bank, Envoy Textile, Global Islami Bank, Linde Bangladesh, National Bank, NCC Bank, Orion Pharma, Saif Powertec, Takaful Islami Insurance, Premier Bank, Uttara Bank were the stocks traded on the CSE block market on Wednesday.
Also, the Dhaka Stock Exchange saw its block market turnover rise to Tk180 crore on Wednesday, from Tk80 crore in the previous session.
