The stock market gained on Sunday after lifting the floor price or minimum price level for the stocks of four more companies.
Bangladesh Securities and Exchange Commission (BSEC) withdrew the floor price from the stock market last Thursday.
Besides, the limit of a maximum of 3 per cent of price fall is also lifted, for which no company’s share price could fall more than 3 per cent in a session. With the removal of that limit, there is now an opportunity for the share price to fall by a maximum of 10 per cent for each company.
Both the index and trading rose on Thursday after the floor price was lifted. After that, the trading on the first working day of the week started on Sunday with the rise of the index.
Besides, a rising trend is also seen in transactions. In the first hour of trading, the main stock market Dhaka Stock Exchange (DSE) main index DSEX rose by 40 points. At that time, the transaction amount was Tk 269 crore.
Earlier on last Thursday the main index of DSE, DSEX rose by 48 points. At the end of the day, the transaction volume was Tk 963 crore.
The banking sector dominated the transactions in the DSE last week. Almost one-fourth of the daily transactions in the Dhaka market last week were held by the banking sector.
At the beginning of the day (Sunday), there was a trend of some price correction in the shares of the banking sector companies. There was only one bank among the top 10 companies traded in the DSE on Sunday.
Meanwhile, market analysts said the share prices of well-founded companies, including banks, have increased significantly in the last month. A section of investors are withdrawing some profit from these shares.
As a result, the share prices of companies are being corrected. Investors are taking profits from one sector and investing in another sector. In stocks where investment is increasing, their prices and trading volume are also increasing. This is identified as the normal trend of the market by the concerned persons, said the market analysts.
The prime index of the DSE went up by 25 points or 0.42 per cent to 5,829 at the end of the day.
The blue-chip DS30 index, a group of 30 prominent companies, also gained 19 points to 2,128 and the DSES index, which represents Sharia-based companies, rose 4 points to 1,245 on the day. The day’s turnover stood at Tk 933 crore.
