Staff Correspondent
Dhaka stocks continued to soar on Monday as all measures taken by the Securities and Exchange Commission’s to reign in the over-heated market proved futile, market operators and experts said.
They said new investors, lured by the continuous rise of share prices, were flocking the brokerages houses every day widening gap in demand and supply of shares.
‘The current imbalance situation has also given scope to various syndicate to manipulate share prices because of huge gap in demand and supply,’ said a stock broker.
The benchmark general index of the Dhaka Stock Exchange advanced by 39.03 points, or 0.55 per cent, to close at 7,436.53 points on Monday after the index had seen a massive increase of 126.10 points on Sunday.
Although prices of 141 issues, out of a total of 253 issues traded on the day, declined and 97 advanced, the index rose as the price of Grameenphone, which is the leader in market capitalisation, increased by around Tk 15.
Mahmud Osman Imam, who teaches finance at Dhaka University, said that investors’ buying pressure pulled the market on the day.
He said that as all measures taken by SEC failed to control the market, the regulators’s should go for more stringent measures.
‘Besides, the government should issue bond to raise fund from the capital market to built infrastructure. In the process the over-heated market will be controlled as fund will be diverted to bonds,’ he said.
The daily turnover at Dhaka Stock Exchange was stood Tk 2,436.53 crore on Monday, down by Tk 62 crore from the previous trading day.
Peoples Leasing and Financial Services topped the turnover leaders with 49.69 lakh shares valued Tk 102.80 crore traded on the day.
The other turnover leaders were BSRM Steels, Square Pharmaceuticals, EXIM Bank, The Premier Bank, Titas Gas, Beximco, Jamuna Oil and Square Textile.
Agrini Insurance was the day’s biggest gainer posting a rise of 12.21 per cent while the Imam Button was the leading losers of the day.
They said new investors, lured by the continuous rise of share prices, were flocking the brokerages houses every day widening gap in demand and supply of shares.
‘The current imbalance situation has also given scope to various syndicate to manipulate share prices because of huge gap in demand and supply,’ said a stock broker.
The benchmark general index of the Dhaka Stock Exchange advanced by 39.03 points, or 0.55 per cent, to close at 7,436.53 points on Monday after the index had seen a massive increase of 126.10 points on Sunday.
Although prices of 141 issues, out of a total of 253 issues traded on the day, declined and 97 advanced, the index rose as the price of Grameenphone, which is the leader in market capitalisation, increased by around Tk 15.
Mahmud Osman Imam, who teaches finance at Dhaka University, said that investors’ buying pressure pulled the market on the day.
He said that as all measures taken by SEC failed to control the market, the regulators’s should go for more stringent measures.
‘Besides, the government should issue bond to raise fund from the capital market to built infrastructure. In the process the over-heated market will be controlled as fund will be diverted to bonds,’ he said.
The daily turnover at Dhaka Stock Exchange was stood Tk 2,436.53 crore on Monday, down by Tk 62 crore from the previous trading day.
Peoples Leasing and Financial Services topped the turnover leaders with 49.69 lakh shares valued Tk 102.80 crore traded on the day.
The other turnover leaders were BSRM Steels, Square Pharmaceuticals, EXIM Bank, The Premier Bank, Titas Gas, Beximco, Jamuna Oil and Square Textile.
Agrini Insurance was the day’s biggest gainer posting a rise of 12.21 per cent while the Imam Button was the leading losers of the day.
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