DSEX crosses 5,800-pt mark

Staff Correspondent | Published: 23:05, Jul 10,2017 | Updated: 00:11, Jul 11,2017


Dhaka stocks skyrocketed on Monday for the second day with the key index hitting fresh records due to strong buying pressure from the investors with better market expectation.
The key index of the bourse, DSEX, increased 0.91 per cent, or 52.89 points, to close at 5,827.18 points on Monday after gaining 23 points in the previous session.
The core index hit fresh record on the day after breaking its previous records on Wednesday last week with 5782.65 points.
The market crossed the psychological barrier of 5,800 marks as investors kept buying shares on sector specific stocks being optimistic of market prospect, stockbrokers said.
The market was bullish from the very beginning of the session that sustained for the whole session, closing with 53 points at the end.
The market advanced on the day as investors opted for buying large capitalised sectors including banks and telecommunication, stockbrokers said.
An increase of net foreign investment at DSE stocks by five-fold in 2016-17 fiscal year compared to that in the previous year drew the attention of many investors, they said.
According to DSE data, the net foreign investment totalled Tk 2,268.46 crore in FY17 while it was Tk 451.64 crore in FY16.
Following the increased participation of institutional and foreign investors, general investors also started to inject fresh funds in an expectation of further rise in share prices, market operators said.
The benchmark index gained 348 points in the last 12 trading sessions with two negative sessions.
The government took few steps to develop the capital market including bringing new companies that also influenced the investors.
The passage of national budget by changing some provisions including suspending new VAT law and cutting excise duty rate continuously drew investors’ attention to the market, stockbrokers said.
Telecommunication and banks regained attention of the investors after profit booking in the previous session.
The surge in share prices of the two sectors by 3.07 and 2.29 per cent respectively contributed most to the day’s bullish gains.
‘The capital bourse of the country is still riding on the bullish trend as anticipation regarding financial disclosures of June-end shares is hovering positively,’ said EBL Securities in its daily market reports.
The market capitalisation continued breaking previous records closing Tk 389159.93 crore on Monday after breaking its previous record on Wednesday last week.
The turnover increased to Tk 1,264.43 crore from that of Tk 1,160.41 crore in the previous trading session.
The day’s turnover was the highest after March 22 this year.
DS30, the blue-chip index of the DSE, gained 0.65 per cent, or 13.87 points, to close at 2,122.14 points.
The Shariah index, DSES, gained 0.42 per cent, or 5.60 points, to finish at 1,319.68 points.
Of the 329 companies and mutual funds traded, 178 advanced, 121 declined and 29 remained unchanged.
Like the previous two sessions, Keya Cosmetics led the turnover chart with its shares worth Tk 67.06 crore changing hands.
Saif Powertec, Bangladesh Export Import Company, Confidence Cement, Prime Bank, Fu Wang Foods, Mercantile Bank, Olympic Accessories, Apollo Ispat and Bangladesh Building Systems were the other turnover leaders.
Fu Wang Food gained the most with an 8.83 per cent increase in its share price, while Kay and Que was the worst loser, shedding 5.02 per cent. 

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