Stocks climb on soaring bank, NBFI, mutual fund sectors
On Wednesday, Dhaka Stock Exchange’s (DSE) key index DSEX rose by 0.96% or 53.34 points to reach 5,588.
Indices of both stock exchanges have climbed as the bank, non-banking financial institution and mutual fund sectors soared on an increased earnings expectation in the January-March quarter this year.
On Wednesday, Dhaka Stock Exchange's (DSE) key index DSEX rose by 0.96% or 53.34 points to reach 5,588.
The Chittagong Stock Exchange's (CSE) main index, CASPI, also soared by 153 points to reach 16,145.
With a surging index, 203 companies' share prices advanced, 100 companies' share prices declined and 54 companies' share prices remain unchanged at the DSE.
Investors got the highest return of 6.1% from the mutual fund sector as Bangladesh Securities and Exchange Commission allowed foreign investors to be sponsors of mutual funds.
According to the directive, any foreign company – either public or private – must be eligible to be a sponsor of any mutual fund either individually or jointly with any local eligible sponsors.
No foreign company, as a sponsor of a mutual fund, can subscribe to more than 25% of the fund size, it said.
Besides, the stocks of non-banking financial institutions and banks saw a 3.7% and a 3.2% return respectively, while the general insurance sector witnessed a price correction.
The General Insurance sector contributed 29.26% of DSE's total turnover.
Metro Spinning secured the top position with a 10% gain in share price on the top ten gainer list, but the company said to the DSE that there was no undisclosed price-sensitive information for the recent unusual price hikes.
In the script-wise turnover chart, Beximco Limited secured the top position with an 11.2% contribution to the DSE total turnover.