DSEX hits all time high

Staff Correspondent | Published: 22:13, Nov 14,2017 | Updated: 22:15, Nov 14,2017

 
 

Dhaka stocks rebounded on Tuesday after a marginal fall in the previous session with the key index hitting all time high as investors continued injecting funds, especially in the large capitalised scrips including Grameenphone, Square Pharma and British American Tobacco.
The key index of Dhaka Stock Exchange, DSEX, advanced 0.57 per cent or 35.52 points to close at 6,252.14 points on Tuesday after a marginal fall in the previous session.
The core index reached the peak point after its launch with 4,055 points on January 28, 2013.
The equities opened with bullish vibe in the very beginning of the session that sustained until the end of the session mainly due to optimistic share purchasing from the investors.
Despite declining share prices of most of the scrips, the core index witnessed a bullish day as some of the large capitalised stocks shoot up on Tuesday.
The surges in share prices of Square Pharmaceuticals, British American Tobacco, BRAC Bank and GP by 3.90 per cent, 2.67 per cent, 2.00 per cent and 1.73 per cent respectively were the bellwethers of the day’s record making rally.
Share prices of Shahjalal Islami Bank and AB Bank continued to surge by 2.9 per cent and 1.3 per cent respectively amid rumours that the Chittagong-based S Alam Group would take control of the banks after the Group has taken control of a number of other listed banks through hostile takeovers.
Market operators said that investors were buying shares of the banks based on the rumours hoping that if S Alam Group goes for the banks, the Group’s buying pressure would lead to the rise in the share prices of the banks.
Investors shifted their focus on the large capitalised scrips following their better financial declarations and hoped to have healthy announcements for the year ending in December.
Moreover, the average share prices of telecommunication, pharmaceuticals and banks increased 1.7 per cent, 1.3 per cent and 0.2 per cent respectively.
Investors who were in the sideline observing the market started to invest in the capital market amid optimism.
As a result, Turnover on the bourse, an important indicator of the investors’ participation, soared to two-month high of Tk 1,176.91 crore after September 19 compared with that of Tk 903.38 crore in the previous session.
On the other hand, textiles, energy, and ceramics declined 0.5 per cent, 0.4 per cent and 0.3 per cent respectively.
Of the 333 companies and mutual funds traded, 166 declined, 128 advanced and 35 remained unchanged.
‘The core index remained upward throughout the session and investors kept buying fresh stocks in the hope of taking position in the undervalued stocks.,’ said EBL Securities in its daily market commentary.
‘Investors displayed optimism as the market remained in positive momentum.’ it said.
DS30, the blue-chip index, however, advanced 0.70 per cent or 16.03 points, to finish at 2,277.91 points.
The Shariah index, DSES, added 1.02 per cent, or 13.84 points, to close at 1,363.32 points.
City Bank led the turnover chart on the day with its shares worth Tk 56 crore changing hands.
AB Bank, Grameenphone, Dhaka Bank, ACI, BRAC Bank, Square Pharmaceuticals, IDLC Finance, Shahjalal Islami Bank and IFAD Autos were other turnover leaders.
United Insurance increased the most with a 9.64-per cent rise in its share prices, while ACI was the worst sufferer of the day, shedding 14.29 per cent.

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