DHAKA, Mar 18 (BSS) - Dhaka stock today began week upbeat with 82.55 points or 1.81 percent increase in the benchmark index, which finished at 4625.99. The index was on the rise since Wednesday mainly on tax rebate offer of the revenue authority.
The daily turnover on the first trading day of the week also
rose to Taka 404 crore from Thursday's Taka 371 crore.
Stock brokers were expecting some stability in the market
driven by the government's compensation package, tax rebate and
the effective monitoring of the Securities and Exchange
Commission (SEC) that already penalized few people for their
wrong doing in share trading.
The newly elected leadership of the Dhaka Stock Exchange
(DSE) also stimulated some expectation of good days in future
though some were skeptical about the sustainability of the rising
trend unless active and regular participation of institutional
According to market insiders, institutional buyers excepting
state- owned ones had been in cautious buying in the recent past
when the small investors were the main force on the purchasing
side, but with their obvious limited capacity to vainly tackle
the higher selling pressure.
The market saw the same phenomenon today when many came to
the selling side to cash in the benefit of the rising share
prices and the buyers were not enough to greet the sellers. As a
result, the index that started with a straight jump in 10 minutes
of the beginning of the trading, sea-sawed during rest of the day
and merely managed to finish higher.
The number of gaining issue was 226 against the losing 26
issues, but the gain to 217 issues was below 5 percent. The major
gainers were from mutual fund, non-banking financial
institutions, pharmaceuticals, food, engineering and power and
The major losers included insurance, jute, food and
pharmaceuticals and chemicals sectors.
Meanwhile, the board of directors of the Bangladesh General
Insurance Company (BGIC) approved its participation to the extent
of Taka 2 crore, 10 percent of the paid up share capital of the
proposed BD Venture Ltd. It also approved that BGIC would be a
corporate director of BD Venture Ltd.
Two listed companies also recommended stock dividend for the
year ending to December 2011. National Housing Finance and
Investment recommended 20 percent and the Reliance Insurance 15
percent stock dividends for the same period.