Anwar Galvanizing, Renata, Orion Pharma now come out of floor restriction

Observing strength in the market, the securities regulator has removed the floor price restriction from three more stocks – Anwar Galvanizing, Renata, and Orion Pharmaceuticals.

It will take effect on Wednesday, said the Bangladesh Securities and Exchange Commission (BSEC) on Tuesday (6 February).

Of the remaining nine stocks, three – British American Tobacco, Grameenphone, and Robi – will have floor price protection until their forthcoming record date.

The three companies are expected to announce their record dates for conducting their annual general meeting as their financial year ended on 31 December.

Grameenphone has already set 29 February as the record date for entitlement to shareholders for the dividend for 2023.

On the other hand, Beximco Limited, BSRM Limited, Islami Bank, Khulna Power Company, Meghna Petroleum, and Shahjibazar Power will remain under floor price restrictions until further notice.

On 21 January, the BSEC removed the floor from all but 35 stocks, and in less than a week, 23 more stocks were freed from trading.

In the first week after the removal of the floor price, the value of all securities, including treasury bonds listed on the Dhaka Stock Exchange (DSE), fell by 4.18%, or nearly Tk33,000 crore.

Having freefall initially, most of the stocks bounced back as their declining prices attracted buyers.

Daily market

Despite facing selling pressure, the major index of the Dhaka bourse surged by 23 points on Tuesday, maintaining its rally for the seventh consecutive day.

In the last seven days, the benchmark index DSEX of the DSE gained 285 points to reach 6,346.

The DSE turnover decreased slightly but still remained above the Tk1,600 crore mark, edging down by 0.2% to Tk1,652 crore on Tuesday, compared to the previous session.

The EBL Securities said in the daily market commentary that the benchmark index of the Dhaka bourse extended its gaining streak as buoyant investors continued their buying spree on sector-specific trendy scrips.

However, a portion of investors opted for profit booking in the particular scrips to realise their recent gains since they preferred to observe the sustainability of the current upbeat vibe in the market, it added.