Bangladesh

Submarine Cables’ stock soars over plans on 3rd connection

Stock prices of Bangladesh Submarine Cables swelled in the last two working days after news broke that Bangladesh was going to be connected with a third submarine communications cable.

The rise was 7.57 per cent, taking the price to Tk 141.50.

The submarine communications cable and its business are raising investors' hopes on the state-run listed company and encouraged them to buy the stock, said stock investor Abul Hossain.

The company has been giving good dividends so the new submarine cable will add to its profits in the coming years.

The new connection will boost the company's revenue as the country is moving towards digitalisation, he added.

The country now uses 1600 Gbps bandwidth, which was 300 Gbps at the end of 2016.

The upward trend was observed in the country's overall stock market in the last two days.

The DSEX, the benchmark index of Dhaka Stock Exchange, rose 30.9 points, or 0.63 per cent, to 4,934.8 yesterday.

Along with it, turnover, another important indicator of the stock market, increased 26 per cent to Tk 841 crore.

Moreover, Dominage Steel Building made its trading debut and topped the gainers list, rising 50 per cent followed by Summit Alliance Port, Esquire Knit Composite, New Line Clothing and LafargeHolcim Bangladesh.

Beximco traded the most, worth Tk 44.84 crore, followed by National Feed Mill, Beximco Pharmaceuticals, Bangladesh Submarine Cables and Nitol Insurance.

Of the total 355 companies to witness trade, 153 advanced, 106 declined and 96 remained unchanged.

The ACI shed the most, falling 8.36 per cent, followed by Zeal Bangla Sugar Mill, United Insurance, SEML Lecture Fund and National Feed Mill.

Chattogram Stock Exchange also witnessed a rising trend in its index.

The CSEX, the prime index of the port city bourse, rose 40.7 points, or 0.47 per cent, to 8,527.50 yesterday.

Of the total 250 companies listed there, 109 rose, 82 fell and 59 remained the same. 

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