Dhaka, Bangladesh (BBN)-Bangladesh’s stocks closed marginally higher on Wednesday with turnover on the premier bourse hitting five years high, largely contributed block transaction.
The total turnover on the Dhaka Stock Exchange (DSE) soared to BDT 14.78 billion while block transaction contributed about 8.41 billion.
United Enterprises & Company, one of the corporate sponsors of the Khulna Power Company sold its entire holding of 127,469,456 shares of the company at a price of BDT 65 each in the block market, totalling above BDT 8.28 billion alone.
A block trade is an order or trade submitted for the sale or purchase of a large quantity of securities.
A block trade involves a significantly large number of equities or bonds being traded at an arranged price between two parties, sometimes outside of the open markets, to lessen the impact on the security price.
The market started with a mixed trend and moved upward in the course of trading session, eventually ended 15 points higher.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 15.15 points or 0.32 percent to finish at 4,765.36 over, which was the highest level of DSEX since October 13 last year, when DSEX was 4,779.66.
However, the two other indices faced some correction. The DS30 comprising blue chips fell 0.13 point to settle at 1,764.06.
The DSE Shariah Index (DSES) lost 0.48 point or 0.04 percent to close at 1,129.19 points.
The gainers took a modest lead over the losers as out of 321 issues traded, 161 closed higher, 120 closed lower and 40 remained unchanged on the DSE trading floor.
National Tubes dominated the DSE turnover chart with 1.44 million shares worth BDT 173 million changing hands, followed by AB Bank BDT 176 million, Beximco BDT 160 million, Doreen Power BDT 156 million and Golden Harvest Agro Industries BDT 152 million.
Generation Next Fashion was the day’s best performer, posting a gain of 9.72 per cent following its dividend recommendation news, while National Tubes was the worst loser, slumping by 9.62 per cent.
The port city bourse, the Chittagong Stock Exchange (CSE), finished marginally higher with its Selective Categories Index – CSCX – advancing 33.92 points to settle at 8,827.28 points.
Gainers beat losers as 135 issues closed higher, 93 closed lower and 29 remained unchanged on the CSE.
The port city bourse traded 25.26 million shares and mutual fund units’ worth nearly BDT 486 million in turnover.