Stocks rise as investors eye post-Eid prospects

Staff Correspondent | Published: 23:06, Jun 19,2017 | Updated: 00:15, Jun 20,2017

 
 

Dhaka stocks rose on Monday as investors, eyeing post-Eid market prospect, started to take fresh position with four working days remaining before Eid holidays.
The key index of Dhaka Stock Exchange, DSEX, advanced 17.18 points, or 0.31 per cent, to close at 5,461.63 points on Monday.
Before Monday, the market remained dull for four trading sessions as many of the investors went for pre-Eid sales to encash some of their holdings while others took a wait and see approach to observe the direction of the market, said a stockbroker.
‘It seemed that the usual pre-Eid sale pressure reduced on Monday as there have not been much of working days left before the Eid holidays. Many of the investors went for buying hoping for post-Eid bull market, when the new fiscal year will begin,’ he said.
The news reports that the finance ministry on Sunday inked ‘Annual Performance Agreement’ with 16 state-owned banks and financial institutions, which attracted investors to the banking sector.
Besides, the government policy makers continued to give hint that the government would revise some of the proposed budgetary measures including cut in excise duty rate levied on bank deposits motivated a section of investors, market operators said.
Ridding on the investors’ optimistic buying, all the turnover leaders except two increased on the day while the surge in share prices of British American Tobacco, Grameenphone and Renata contributed in raising the market, market operators said.
As a result, turnover on the bourse climbed to Tk 540.88 crore from that of Tk 473.39 crore in the previous trading session.
The sectors that push the index upward on the day were bank, energy and pharma shares, stockbrokers said.
The three sectors gained by 0.5 per cent, 0.20 per cent and 0.19 per cent respectively.
Out of 30 traded bank issues, 23 advanced, just 2 declined and 5 remained unchanged while of 18 traded energy issues, 12 advanced, 3 declined and 3 remained unchanged.
DS30, the blue-chip index of the DSE, added 0.09 per cent, or 1.86 points, to close at 2,032.88 points.
The Shariah index, DSES, gained 0.13 per cent, or 1.69 points, to close at 1,262.27 points.
Of the 328 companies and mutual funds traded, 183 advanced, 91 declined and 54 remained unchanged.
Regent Textiles led the turnover chart on Monday with its shares worth Tk 20.18 crore changing hands.
Nurani Dyeing, Orion Pharmaceuticals, Paramount Textiles, Argon Denims, LankaBangla Finance, BD Online, Beximco Pharmaceuticals, Bangladesh Shipping Corporation and IFAD Autos were the other turnover leaders.
Asia Pacific General Insurance gained the most with a 7.17-per cent increase in its share price, while Shyampur Sugar Mills was the worst loser, shedding 6.66 per cent.

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