Dhaka stocks gained on Monday after a two-day fall as the state-owned entities remained active on the trading floor to keep the market afloat following the verdict
against former chief of Jamaat-e-Islami Ghulam Azam.
The International Crimes Tribunal-1 on Monday sentenced Ghulam Azam to 90-year imprisonment for the crimes against humanity he had committed during Bangladesh’s war of independence in 1971.
The benchmark general index of the Dhaka Stock Exchange, DSEX, finished at 4,275.49 points, advancing by 1.63 per cent or 68.89 points.
DGEN, the old key index of the DSE, advanced by 2.87 per cent, or 132.57 points, to finish at 4,736.03 points.
The DSEX and the DGEN had lost 138.85 points and 167.03 points respectively in the previous two trading sessions.
The blue-chip index of the bourse, DS30, advanced by 2.79 per cent, or 44.84 points, to close at 1,650.74 points.
Market operators said the Investment Corporation of Bangladesh and other state-owned entities were active on the trading floor from the beginning of the session to keep the market afloat.
They said investors from the beginning of the session decided to observe the market.
Investors started to participate in trading when the ICT-1 pronounced its verdict against Ghulam Azam as they thought that the verdict would not create severe political unrest, they said.
The market dropped sharply on Sunday as investors went for sell-offs fearing political unrest.
The turnover of the bourse increased sharply to Tk 832.46 crore on Monday from the previous session’s Tk 581.61 crore.
Fuel and power sector occupied 26.07 per cent of the day’s total turnover, while telecommunication sector 15.91 per cent and engineering 11.32 per cent.
Of the 283 shares and mutual funds traded on the day, 175 advanced, 88 declined, and 20 remained unchanged.
‘Strong gain in top 10 market cap scrips that hold 42.80 per cent of total market cap, drove today’s [Monday] market motion. In the meantime, livelier participation along with fresh positioning and repositioning helped turnover (43.13 per cent increase) to rebuild, today [Monday],’ IDLC Investments said in its daily market commentary.
Grameenphone led the turnover chart on the day with its shares worth Tk 89.44 crore changing hands.
Green Delta Insurance gained the most on Monday as its share price went up by 9.97 per cent, while JMI Syringes and Medical Devices lost the most (9.95 per cent).
-With New Age input
