FE Report
Dhaka stocks gained for the second straight session Sunday following the news of central bank's positive measures over extending time to bring down banks' "single borrower exposure limit" by six months.
During the trading session, strong rumour over appointment of two more SEC (Securities and Exchange Commission) members also made investors positive, dealers said.
The government appointed Sunday former executive director of Bangladesh Bank Mohammed Amzad Hossain and former president of Bangladesh Merchant Bankers' Association Arif Khan as new members of the SEC.
Former finance adviser to the caretaker government AB Mirza Azizul Islam said that the government's recent positive steps relating to stock market made the investors optimistic.
"The market is showing sign of improvement as the government has assured the investors' of imposing no taxes on capital gains and withdrawing mandatory TIN (Taxpayers' Identification Number) during opening BO accounts," said Mr Islam.
"The central bank's initiative to extend time to bring down banks' single borrower exposure limit also made the investors positive," he added.
"The appointment of two more new SEC members will make the capital market regulator strong and the commission will now be fully functional," Mr Islam mentioned.
Meanwhile, the market opened with a flying note gaining 83 points within 10 minutes and the upbeat mood continued until the closure and finally closed 92 points higher.
The benchmark DSE General Index (DGEN), main gauge of the market, went up by 92.26 points or 1.70 per cent to close at 5,489.88.
The broader All Shares Price Index (DSI) rose 74.82 points or 1.66 per cent to close 4571.72. The DSE-20 index comprising blue-chip shares also rose 57.00 points or 1.59 per cent to close 3,641.69.
A total of 35.14 million shares changed hands on the day against 35.60 million in the previous session. The trade deals slightly increased to 96,152 against 90,782 in the previous session.
Total market capitalisation increased slightly and stood at Tk 2,590.67 billion against Tk 2,556.10 billion in the previous session.
Turnover, in value terms, increased to Tk 3.30 billion, up by 11.6 per cent, from Tk 2.96 billion in the previous session, but still much lower than this year's daily average turnover of Tk 7.8 billion.
Out of 261 issues traded, 234 advanced, only 25 declined and two remained unchanged.
All sectors closed positive on the day with general insurance and life insurance gained more than 2.0 per cent each while banks, NBFIs, fuel and power, telecommunications and pharmaceuticals gained more than 1.0 per cent each.
BSRM Steels topped the turnover list with shares worth Tk 111.43 million changed hands.
Meanwhile, the government Sunday appointed two more members at the Securities and Exchange Commission (SEC) for three years as part of its initiatives to restructure the watchdog following probe body's recommendation.
The newly appointed members are former executive director of Bangladesh Bank Amzad Hossain and Chief Executive Officer (CEO) and Managing Director of Zenith Investments Limited and former deputy managing director of IDLC Limited Arif Khan.
A circular signed by Senior Assistant Secretary of Banking and Financial Institutions Division of Finance Ministry Mohammad Rafiqul Karim confirmed the appointment.
However, the two members are likely to join the SEC today (Monday).
The SEC has overcome its quorum crisis following the appointment of the two members.
Presently, SEC Chairman Dr M Khairul Hossain and Member Helal Uddin Nizami are carrying out the routine works of security regulator.
The commission needs at least three policy makers including chairman and two members to take any kind of policy making decisions.
Dhaka stocks gained for the second straight session Sunday following the news of central bank's positive measures over extending time to bring down banks' "single borrower exposure limit" by six months.
During the trading session, strong rumour over appointment of two more SEC (Securities and Exchange Commission) members also made investors positive, dealers said.
The government appointed Sunday former executive director of Bangladesh Bank Mohammed Amzad Hossain and former president of Bangladesh Merchant Bankers' Association Arif Khan as new members of the SEC.
Former finance adviser to the caretaker government AB Mirza Azizul Islam said that the government's recent positive steps relating to stock market made the investors optimistic.
"The market is showing sign of improvement as the government has assured the investors' of imposing no taxes on capital gains and withdrawing mandatory TIN (Taxpayers' Identification Number) during opening BO accounts," said Mr Islam.
"The central bank's initiative to extend time to bring down banks' single borrower exposure limit also made the investors positive," he added.
"The appointment of two more new SEC members will make the capital market regulator strong and the commission will now be fully functional," Mr Islam mentioned.
Meanwhile, the market opened with a flying note gaining 83 points within 10 minutes and the upbeat mood continued until the closure and finally closed 92 points higher.
The benchmark DSE General Index (DGEN), main gauge of the market, went up by 92.26 points or 1.70 per cent to close at 5,489.88.
The broader All Shares Price Index (DSI) rose 74.82 points or 1.66 per cent to close 4571.72. The DSE-20 index comprising blue-chip shares also rose 57.00 points or 1.59 per cent to close 3,641.69.
A total of 35.14 million shares changed hands on the day against 35.60 million in the previous session. The trade deals slightly increased to 96,152 against 90,782 in the previous session.
Total market capitalisation increased slightly and stood at Tk 2,590.67 billion against Tk 2,556.10 billion in the previous session.
Turnover, in value terms, increased to Tk 3.30 billion, up by 11.6 per cent, from Tk 2.96 billion in the previous session, but still much lower than this year's daily average turnover of Tk 7.8 billion.
Out of 261 issues traded, 234 advanced, only 25 declined and two remained unchanged.
All sectors closed positive on the day with general insurance and life insurance gained more than 2.0 per cent each while banks, NBFIs, fuel and power, telecommunications and pharmaceuticals gained more than 1.0 per cent each.
BSRM Steels topped the turnover list with shares worth Tk 111.43 million changed hands.
Meanwhile, the government Sunday appointed two more members at the Securities and Exchange Commission (SEC) for three years as part of its initiatives to restructure the watchdog following probe body's recommendation.
The newly appointed members are former executive director of Bangladesh Bank Amzad Hossain and Chief Executive Officer (CEO) and Managing Director of Zenith Investments Limited and former deputy managing director of IDLC Limited Arif Khan.
A circular signed by Senior Assistant Secretary of Banking and Financial Institutions Division of Finance Ministry Mohammad Rafiqul Karim confirmed the appointment.
However, the two members are likely to join the SEC today (Monday).
The SEC has overcome its quorum crisis following the appointment of the two members.
Presently, SEC Chairman Dr M Khairul Hossain and Member Helal Uddin Nizami are carrying out the routine works of security regulator.
The commission needs at least three policy makers including chairman and two members to take any kind of policy making decisions.
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