Dhaka, Bangladesh (BBN) - Dhaka stocks closed higher on Wednesday with increased turnover value after losing 70 points in the previous session as investors went for late hours buying spree, market operators said.
The market witnessed choppy trading for the first one hour. However, last three hours it got buying support and the positive momentum continued until the closure and ended 113 points higher.
The benchmark general index of the Dhaka Stock Exchange (DSE), generally known as DGEN, surged 113.87 points or 2.20 percent to close at 5,268.55.
The broader DSE All Shares Price Index (DSI) advanced 95.81 points or 2.22 percent to close at 4,403.37.
They also said that the market closed higher as sponsors-directors, who holding less than 30 per cent of their companies’ stake, went for buying shares to fulfill the regulator’s requirements.
Earlier, the Securities and Exchange Commission (SEC) made 30 percent shares holding mandatory of all listed company’s sponsors-directors and gave six months to fulfill the requirement.
Out of 260 issues traded, 240 gained, 16 lost and four remained unchanged.
Turnover value increased and stood at BDT 3.19 billion against BDT 2.55 billion in the previous session.
BBN/BB/SI-30Nov11-4:34 pm (BST)