Dhaka stocks gained on Monday amid political tension when investors got
assurance from the DSE leaders of taking a hard stance on the legal
battle over the minimum shareholding requirement for the listed company
directors.
DGEN, the benchmark general index of Dhaka Stock Exchange, gained 1.74 per cent, or 87.66 points, to close the day at 5,098.90 points.
The DSE index lost 377 points in the previous four sessions amid political standoff.
The day’s turnover remained flat to Tk 448.79 crore from that of Tk 430.35 crore in the day before.
Of the 264 issues traded on Monday, 214 advanced, 35 declined and 15 remained unchanged.
Market operators said investors got some relief after the DSE president Rakibur Rahman announced that the reply of the writ petition that challenged the minimum shareholding requirement for company directors will be submitted by this week.
Some of the investors became optimistic following the share purchase announcement by Beximco chairman Salman F Rahman on Monday who is considered to be highly influential as well as a controversial personality in the capital market, they said.
‘These two factors hinted that the directors might have no other way than complying with Securities and Exchange Commission’s rule to hold 2 per cent shares individually and 30 per cent jointly within May 21,’ he said.
He also said the political concern continued worrying the investors as the government and its different agencies were yet to find any clue of the missing BNP leader Ilias Ali.
‘Already there were five days of strike over the issue and if it is not resolved then there could be more political unrest,’ he said.
The SEC on November 22 ruled that the listed company directors must hold 2 per cent of the company’s shares individually and 30 per cent jointly with in six months.
In early April, a directorship applicant of a bank filed a writ petition with the High Court challenging the rule.
Among the major sectors, banks were the highest gainer on Monday with 2.24 per cent, followed by pharmaceuticals that gained 1.81 per cent and power gained 1.12 per cent.
Jamuna Oil topped the turnover chart on the day with shares worth Tk 21.79 crore changing hands. The other turnover leaders were Grameenphone, Meghna Petroleum, Beximco, Beximco Pharmaceuticals, LankaBangla Finance, Square Pharmaceuticals, MJL Bangladesh, Titas Gas and GPH Ispat.
DGEN, the benchmark general index of Dhaka Stock Exchange, gained 1.74 per cent, or 87.66 points, to close the day at 5,098.90 points.
The DSE index lost 377 points in the previous four sessions amid political standoff.
The day’s turnover remained flat to Tk 448.79 crore from that of Tk 430.35 crore in the day before.
Of the 264 issues traded on Monday, 214 advanced, 35 declined and 15 remained unchanged.
Market operators said investors got some relief after the DSE president Rakibur Rahman announced that the reply of the writ petition that challenged the minimum shareholding requirement for company directors will be submitted by this week.
Some of the investors became optimistic following the share purchase announcement by Beximco chairman Salman F Rahman on Monday who is considered to be highly influential as well as a controversial personality in the capital market, they said.
‘These two factors hinted that the directors might have no other way than complying with Securities and Exchange Commission’s rule to hold 2 per cent shares individually and 30 per cent jointly within May 21,’ he said.
He also said the political concern continued worrying the investors as the government and its different agencies were yet to find any clue of the missing BNP leader Ilias Ali.
‘Already there were five days of strike over the issue and if it is not resolved then there could be more political unrest,’ he said.
The SEC on November 22 ruled that the listed company directors must hold 2 per cent of the company’s shares individually and 30 per cent jointly with in six months.
In early April, a directorship applicant of a bank filed a writ petition with the High Court challenging the rule.
Among the major sectors, banks were the highest gainer on Monday with 2.24 per cent, followed by pharmaceuticals that gained 1.81 per cent and power gained 1.12 per cent.
Jamuna Oil topped the turnover chart on the day with shares worth Tk 21.79 crore changing hands. The other turnover leaders were Grameenphone, Meghna Petroleum, Beximco, Beximco Pharmaceuticals, LankaBangla Finance, Square Pharmaceuticals, MJL Bangladesh, Titas Gas and GPH Ispat.