Dhaka stocks rally as turnover jumps 48%
Insiders reported that ICB, which received the low-cost loan from the government on 12 December, initiated investments that significantly boosted the day’s trading activity
Turnover on the Dhaka Stock Exchange (DSE) surged by 48% today (17 December), reaching Tk450 crore, as the Investment Corporation of Bangladesh (ICB) began deploying its recently secured Tk3,000 crore loan to support the capital market.
Insiders reported that the ICB, which received the low-cost loan from the government on 12 December, initiated investments that significantly boosted the day's trading activity.
The increased market activity also drove up key indices. The benchmark index, DSEX, gained 45 points to close at 5,224, while the blue-chip index, DS30, rose by 21 points to settle at 1,929.
Market breadth was positive, with 210 issues advancing, 110 declining, and 76 remaining unchanged.
Keep updated, follow The Business Standard's Google news channel
In its daily market review, EBL Securities said the capital market extended its recovery mode for the second consecutive session as bargain hunters favoured taking positions in potentially lucrative scrips since the market has undergone successive corrections in the previous week.
The indices extended their upbeat vibe throughout the session, aided by the price appreciation of particular large-cap scrips, as opportunistic investors outnumbered on the trading floor and aimed their buying interest in anticipation of quick gains following the recent corrections in the market, it added.
The DSEX jumped 119 points in the two-day rally, while the market capitalisation increased by Tk7,150 crore to reach Tk6.59 lakh crore.
Key stocks such as Islami Bank Bangladesh, Grameenphone, Beacon Pharma and Pubali Bank made a significant impact on the market, jointly contributing approximately 22 points to the index.
On the sectoral front, the pharmaceutical sector led the way, accounting for 25.2% of the total turnover on the DSE. It was followed by the bank sector at 10.3% and the textile sector at 10%.
Orion Infusion topped the turnover list, with its shares worth Tk35 crore being traded during the session. It was followed by Bangladesh Shipping Corporation, Square Pharma and Acme Laboratories.
Most of the sectors displayed positive returns, out of which jute 2.5%, services 2% and paper 2% exerted the most gains, while only mutual funds exerted marginal corrections on the bourse.
The port city bourse, Chittagong Stock Exchange, also settled on green terrain. The selected index CSCX and all-share price index CASPI rose by 44 and 74 points, respectively.
