Bourses open marginally higher

Meghna Insurance makes stellar debut  

FE ONLINE REPORT | Wednesday, 8 June 2022

The market opened marginally higher on Wednesday as the bargain hunters showed some buying interest in sector-wise lucrative stocks.

Following the previous day’s modest correction, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 12.50 points to stand at 6,481, after the first hour of trading at 11:00 am.

Two other DSE indices also saw a positive trend till then with the DS30 index, comprising blue chips, gaining 4.23 points to reach 2,354 and the Shariah Index (DSES) rose 2.43 points to stand at 1,413.

Turnover, another important indicator of the market, stood at Tk 2.01 billion after the first hour of trading at 11:00 am.

Meanwhile, Meghna Insurance Company made a flying trading debut today as its shares hit upper limit circuit breakers at the opening.

The company’s share reached at Tk 11 each after the first hour of trading, soaring 10 per cent, the highest allowable limit on its issue price of Tk 10 each.

Some 16 trades were executed with a total of 262 shares changing hands after the first hour at 11:00 am on the DSE.

Meghna Insurance raised Tk 160 million from the capital market by issuing 16 million ordinary shares at an offer price of Tk 10 each under the fixed price method.

Of the issues traded till the filing of this report, 189 advanced, 125 declined and 48 issues remained unchanged on the DSE trading floor.

Provati Insurance was the most traded stock till then with shares worth Tk 110 million changing hands, closely followed by Asia Insurance, Quasem Industries, Bay Leasing and National Bank.

The Chittagong Stock Exchange also saw a positive trend till then with its All Shares Price Index (CASPI)—gaining 7.0 points to stand at 18,965 the Selective Categories Index – CSCX rose 4.0 points to reach 11,374 at 11:00 am.

Of the issues traded till then, 78 declined, 69 advanced, and 15 remained unchanged with Tk 32 million in turnover.

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