Stocks gain for 3rd day as GP, bank shares soar

Staff Correspondent | Published: 00:05, Nov 09,2017

 
 

Dhaka stocks advanced on Wednesday for the third trading session, despite fall in share prices of most of the scrips as investors continued to purchase shares from banks while grameenphone shot up amid optimism.
The key index of Dhaka Stock Exchange, DSEX, increased further by 0.47 per cent, or 29.38 points, to close at 6,159.07 points on Wednesday.
The key index gained 86 points in the last three sessions.
The market started with positive momentum on the day that advanced further during the last hour of the day as investors remained on a buying mood after better financial forecast by the companies, market operators said.
They said that investors regained confidence on the market after a month of dull movement when companies were declaring mixed financial reports.
As most of the companies reported better dividend and profits, investors started to return for investment in the stock market after observing the market movement.
Grameenphone led the market from front, gaining by 3.8 per cent on the day that moved the index 39 points positive.
Moreover, investors continued to purchase shares of banks after their robust earnings reports for the third quarter that gave the market another positive day, stockbrokers said.
The share prices of banks surged on Wednesday by 0.9 per cent for the third consecutive day.
Out of 30 traded bank scrips, 19 advanced, 8 declined and three remained unchanged.
Moreover, telecommunication and pharmaceuticals rebounded by 3.64 per cent and 0.5 per cent that also helped the market to gain for the third day.
The share prices of Oimex Electrode that shot up by 1,047 per cent on its debut day on Monday declined by 4.8 per cent on Wednesday.
Moreover, engineering, energy and cement declined by 1.0 per cent, 0.7 per cent and 0.4 per cent respectively on the day.
Riding on the optimistic behavior of the investors towards the market, turnover on the bourse increased further to Tk 765.60 crore on Wednesday compared with that of Tk 744.50 crore in the previous trading session.
‘The prime bourse of the country has kept up the momentum to move ahead further as postive vibe regarding the market was re-established,’ said EBL Securities in its daily market commentary.
‘The turnover in core index remained upward throughout the session as optimistic behavior from the investors sustained and kept buying fresh stocks to rebalance their portfolio,’ it said.
Of the 332 companies and mutual funds traded, 163 declined, 117 advanced and 51 remained unchanged.
DS30, the blue-chip index, advanced 0.86 per cent, or 19.16 points, to finish at 2,229.88 points.
The Shariah index, DSES, also gained 0.61 per cent, or 8.14 points, to close at 1,336.85 points.
City Bank led the turnover chart with its shares worth Tk 38.44 crore changing hands.
Grameenphone, Dhaka Bank, Oimex Electrode, United Commercial Bank, EXIM Bank, Shahjalal Islami Bank, BBS Cables and LankaBangla Finance were the other turnover leaders.
Monno Ceramics gained the most on the day with a 6.37 per cent increase in its share prices, while Maksons Spinning Mills was the worst loser, shedding 5.60 per cent. 

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