Dhaka stock rises for 3rd day on Muhith’s positive remarks

Staff Correspondent | Published: 23:31, Nov 03,2016

 
 

Dhaka stocks rose for the third trading session on Thursday following finance minister AMA Muhith’s ‘positive remarks’ about the capital market on Wednesday evening.
The key index of Dhaka Stock Exchange, DSEX, finished at 4,672.87 points, adding 0.85 per cent or 39.68 points.
DSEX advanced by 80 points in three days after declining by 101 points during the previous five-day market fall.
Stockbrokers said that the investors continued optimistic purchase of shares on Thursday buoyed by Muhith’s comments that the capital market would be more effective in next two years.
Muhith, who used to lambaste the capital market in one to two years back, has in recent times shifted his tone saying positive things about the market, they said.
The minister at a programme on Wednesday said that he was planning to invest in the stocks.
He also said, ‘The capital market gave me a lot of pain. Now, the market is stable. Investors are now confident about the market. I hope that the capital market will be an effective market in next two years or by 2018.’
Market operators said that the minister’s comments boosted the market, which had rebounded on Wednesday following the news that the foreign investment in stocks rose by 51 per cent in October this year against compared with that of the previous month.
Turnover of the bourse also increased to Tk 503.74 crore on Thursday compared with that of Tk 457.04 crore in the previous trading session.
Of the 321 companies and mutual funds traded, 191 advanced, 86 declined and 44 remained unchanged.
‘Bullishness sustained throughout the trading session, where prime index added 39.7 points more to settle at 4,672.9 points,’ said IDLC Investments in its market commentary.
‘Engineering, fuel and power and bank held the major portion of turnover, capturing a total of Tk 1.97 billion or 39.1 per cent of the total trade value of the market,’ it said.
DS30, the blue-chip index of DSE, increased by 1.02 per cent or 17.85 points, to close at 1,757.76 points.
The Shariah index, DSES, closed at 1,118.05 points, adding just 0.90 per cent or 10.0 points.
Lafarge Surma Cement led the turnover chart on the day with its shares worth Tk 27.76 crore changing hands.
BRAC Bank, Bangladesh Building Systems, Doreen Power Generations and Systems, Titas Gas Transmission and Distribution Company, Shasha Denims, Bangladesh Submarine Cable Company, First Security Islami Bank, United Power Generation and Distribution Company and Apex Footwear were other turnover leaders.
Khan Brother PP Woven Bag Industries gained the most with a 9.88 per cent rise in its share prices, while Dulamia Cotton Spinning Mills was the worst loser, shedding 7.79 per cent.

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