Stocks rise for 5th day on budget review hope

Staff Correspondent | Published: 22:22, Jun 28,2017

 
 

Dhaka stocks advanced for the fifth trading session on Wednesday, the first day after a five-day Eid vacation, as expectation about review of proposed budget kept investors interested to inject fund in the market.
The key index of Dhaka Stock Exchange, DSEX, increased by 47.20 points, or 0.84 per cent, to close at 5,646.28 points on Wednesday.
The bourse’s key index gained 184 points in last five trading sessions.
In line with the previous four sessions, the market was bullish from the very beginning of the session that continuously rose without any break and touched 5650 mark before closing the session.
The market remained buoyant for the whole session on Wednesday, before the parliament went into day’s session for passing the finance bill.
Investors hoped that the government would bring changes in some of the proposed measures by suspending the VAT Act for two years and cutting excise duty on bank deposit in the finance bill.
The finance bill was passed in the evening when the VAT Act was suspended for two years and excise duty was cut.
The budget for the fiscal year of 2017-18 would be passed in parliament on Thursday.
The VAT and Supplementary Act-2012 was supposed to come into force on July 1.
Besides, some of the investors balanced their portfolios as just one day is left before June closing, stockbrokers said.
Grameenphone, Brac Bank and Prime Bank were the highest contributors on the day’s rally.
The banking shares continued to fuel the market rally for the last few trading sessions, said market operators.
Prices of shares of banks, telecommunication and energy increased 1.49 per cent, 0.43 per cent and 0.13 per cent on the day.
Out of 30 traded bank issues, 25 advanced, just one declined and four remained unchanged while of the 18 traded energy issues, 11 advanced, four declined and three remained unchanged.
Some of the investors were still enjoying their vacations with their friends and families, market operators said.
As a result, turnover on the bourse decreased to Tk 628.08 crore from that of Tk 744.12 crore in the previous trading session.
DS30, the blue-chip index of the DSE, gained 0.60 per cent, or 12.55 points, to close at 2,083.96 points.
The Shariah index, DSES, added 0.39 per cent, or 5.11 points, to close at 1,290.97 points.
Of the 327 companies and mutual funds traded, 221 advanced, 74 declined and 32 remained unchanged.
LankaBangla Finance led the turnover chart on Wednesday with its shares worth Tk 36.77 crore changing hands.
Regen Textiles, CVO Petrochemical, Bangladesh Export Import Company, Beximco Pharmaceuticals, Prime Bank, AFC Argo Biotech, IFAD Autos, Doreen Power and City Bank
were the other turnover leaders.
Mithun Knitting and Dying gained the most with a 9.92-per cent increase in its share price, while Savar Refractories was the worst loser, shedding 7.25 per cent. 

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