Stocks surge ahead of finance adviser’s meeting with stakeholders
The adviser is expected to meet with all stakeholders tomorrow to discuss the current market situation
Stocks rallied today (6 January), reversing a two-day losing streak, as investor participation increased amid optimism surrounding the finance adviser's upcoming visit to the Dhaka bourse.
The adviser is expected to meet with all stakeholders to discuss the current market situation, boosting investor confidence, according to the market insider.
Today, the benchmark index DSEX of the Dhaka Stock Exchange (DSE) climbed 33 points to close at 5,198, while the blue-chip index DS30 advanced 14 points to settle at 1,933.
Among the traded securities, 223 issues gained, 101 declined, and 74 remained unchanged, reflecting improved market sentiment.
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Turnover on the DSE also saw a notable increase, rising by 16% to Tk362 crore, signalling renewed investor activity.
According to the DSE, Finance Adviser Salehuddin Ahmed is scheduled to hold a crucial meeting with stakeholders at 10am today at the DSE building in the capital's Nikunja. The meeting aims to address the ongoing challenges in the country's capital market and determine actionable steps to resolve the crisis.
Representatives from various key organisations, including the Bangladesh Securities and Exchange Commission, the Bangladesh Bank, the National Board of Revenue, the Chittagong Stock Exchange (CSE), the DSE Brokers Association, the Bangladesh Merchant Bankers Association, Central Depository Bangladesh, Central Counterparty Bangladesh, Investment Corporation of Bangladesh, and the Financial Reporting Council will attend the meeting.
"Despite economic indicators showing signs of recovery following the student protests in July and August, the positive shift has yet to translate into the capital market. This has deepened the confidence crisis among stakeholders, including investors, stockbrokers, and merchant bankers," a DSE board member told TBS.
In this context, the finance adviser's visit to the DSE is seen as a significant step, he said, adding that the discussions with stakeholders are expected to guide the formulation of strategies to stabilise and revitalise the capital market.
EBL Securities in its daily market review said yesterday that the capital bourse of the country observed a mild recovery as bargain hunters chose to take positions in the beaten-down scrips, while overall investment appetite remained subdued as most investors clung to a bleak market outlook.
The indices managed to remain afloat throughout the session as opportunistic investors seized positions in sector-specific stocks in anticipation of quick gains following recent market corrections, it added.
EBL Securities further said that the finance adviser's attention to the market's wavering sentiment instilled a cautious sense of optimism among investors, as they anticipated efforts to address the prevailing concerns pervading the trading floor.
The Chittagong Stock Exchange also had a positive session. The selected indices (CSCX) and the All-Share Price Index increased by 3.5 points and 5.9 points, respectively.
