Bangladesh stocks gain a day after fall on ‘market correction’
Chief Economics Correspondent, bdnews24.com
Published: 2017-01-09 22:33:24.0 BdST Updated: 2017-01-09 22:33:24.0 BdST
Bangladesh’s capital market has bounced back a day after the stocks slipped.
On Monday, the second business day of the week, key indices and trade volumes on the two stock exchanges rose significantly.
At the Dhaka Stock Exchange (DSE), the DSEX finished the day’s trading with a 56-point rise to 5214.6, a 26-month high. It rose to 5233 for the last time on Oct 21 in 2014.
The CASPI of the Chittagong Stock Exchange (CSE) jumped 200 points to 16025.
On Sunday, DSEX dropped 24 points while CASPI fell 106.
Finance Minister AMA Muhith told bdnews24.com on Monday: “Our stock market is in a good and stable position now. Foreign investments are coming as well as new IPOs. More are on the way.
“We will also take steps to bring the multinational companies to the market.”
“But now many have turned to the share market to raise capital,” he said. “The Securities and Exchange Commission has also worked to normalise the market. I think the market will get better in the future.”
At the DSE, 209 issues advanced, 74 fell and 43 remained unchanged on Monday. The turnover was over Tk 12.46 billion, up Tk 1.71 billion from Sunday’s Tk 10.75 billion.
The CSE saw prices of 183 shares and mutual funds rise, 60 skid and 20 remain unchanged. The trade volume – Tk 744.8 million – was up from Sunday’s Tk 589.6 million.
Former DSE president Rakibur Rahman told bdnews24.com Sunday’s fall was ‘market correction’ following days of rise. “The market is in a positive state now,” he said.
In his view, Prime Minister Sheikh Hasina’s positive comments on the market during the inauguration of the new complex of Bangladesh Securities and Exchange Commission (BSEC) on Sunday were one of the factors that drove Monday’s rise.
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