Turnover hits five-year high

Dhaka,  Sun,  04 December 2016
Published : 23 Nov 2016, 22:03:53

Turnover hits five-year high

Khulna Power accounts for 56pc turnover alone
FE Report


Turnover on the premier bourse crossed Tk 14.50 billion-mark after more than five years Wednesday riding on block transaction of Khulna Power Company Limited (KPCL).

Turnover, the most important indicator of the market, stood at Tk 14.78 billion on the Dhaka Stock Exchange (DSE), jumping 125 per cent over the previous day's Tk 6.56 billion.

Wednesday's turnover was the biggest single-day transaction since July 28, 2011 when the turnover total was recorded Tk 18.05 billion.

Market insiders said the turnover surged substantially driven by block trade of Tk 8.28 billion of the KPCL stocks, which eventually accounted for 56 per cent of the day's total turnover value.

Each share of the KPCL, which was listed with the stock exchanges in 2010, closed at Tk 63.70 on the day, advancing 0.31 per cent over the previous day's price.

However if excluded the unusual block trade of KPCL worth Tk 8.28 billion, the day's turnover stood at Tk 6.50 billion.

United Enterprises & Company, one of the corporate sponsors of the KPCL, sold its entire holding of 127,469,456 shares of the company at a price of Tk 65 each in the block market, totaling above Tk 8.28 billion.

Shajahanullah Power Generation Company bought these shares from United Enterprises & Company in the block market.

A DSE official said it was the largest single company's block trade in the premier bourse.

A block trade is an order or trade submitted for the sale or purchase of a large quantity of securities and it involves a significantly large number of equities or bonds being traded at an arranged price between the parties concerned, sometimes outside the open market, to lessen the impact on the security price.

After hitting a year-high just the previous day, the Dhaka bourse continued to hold its gaining momentum, adding 15.15 points more to the prime index, DSEX, to close at 4,76536. It was the highest level of DSEX points since October 13, 2015 when the DSEX was 4,779.66.

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