Two blue chip stocks account for 86% of CSE transactions
On Sunday, two stocks on the Chittagong Stock Exchange (CSE) were traded for Tk154 crore, representing 86% of the total trade amount of Tk180 crore. During the session, cautious investors took positions in stocks they found to be lucrative and undervalued.
It is Square Pharmaceuticals PLC with a trading amount of Tk76.94 crore and British American Tobacco Bangladesh Company with Tk76.65 crore.
On the day, the share of Square Pharmaceuticals closed at Tk212 on the CSE bourse, with a trading volume of 34.67 lakh shares. Its market capitalisation stood at Tk18,784 crore.
Keep updated, follow The Business Standard's Google news channel
In the Dhaka Stock Exchange, Square Pharmaceuticals was traded for Tk3.85 crore with a volume of 1.82 lakh on Sunday.
On the other hand, the share of British American Tobacco Bangladesh increased by 5.16% to Tk349. Its share volume stood at 23 lakhs and market capitalisation at Tk18,819 crore.
Market insiders reported that market participation has rebounded, as demonstrated by the increase in the benchmark index and market turnover.
After the June closing, institutional investors reinvested funds in the capital market, injecting new funds and boosting momentum as blue-chip stocks were undervalued. They anticipate domestic economic growth in the next quarter, with savvy investors positioning themselves in anticipation of positive economic trends.
Additionally, investors subscribed over Tk2,400 crore from the secondary market for the Techno Drugs IPO. Once the IPO shares were allocated, the company refunded the unused funds to the respective investors, who then reinvested these funds in the market, contributing to the index's gains.
Of the 275 issues traded in the CSE bourse, 212 advanced, 42 declined, and 21 remained unchanged.
The indices of the CSE bourse also settled in green terrain like DSE indices. Its selected indices (CSCX) and All Share Price Index (CASPI) rose by 145.5 and 249.5 points, respectively.
The turnover of the bourse stood at Tk180 crore at the end of the session.
