Bargain hunting pulls Dhaka stocks up

Staff Correspondent | Published: 00:18, Nov 16,2016

 
 

Dhaka stocks rebounded on Tuesday amid appreciation in banks’ share prices and investors’ bargain hunting after decline in last two trading sessions.
The key index of Dhaka Stock Exchange, DSEX, finished at 4,664.80 points, adding 0.42 per cent or 19.81 points.
After erosion in last couple of trading sessions, market was on the positive note from the very beginning of the trading session and continued till the end mainly due to investors’ fresh bargain hunting move to avail shares at comparatively lower price, stockbrokers said.
Although the quarterly earning reports of most of the 59 companies which were announced on Tuesday were unimpressive, prices of shares which have declined in last couple of days, centering earnings announcements, witnessed some bargain hunting on the day, they said.
Besides, appreciation of banks’ share prices ahead of the year ending of the entities also helped the market behind the positive ending of the session, they said.
Investors were apprehending that the prices of banks’ shares, which were on the rise for last couple of months, may rise further ahead of December ending, they said.
Of the 30 banks, prices of 21 advanced, only 3 declined and 6 remained unchanged.
Turnover of the bourse remained same, Tk 646.56 crore, as it was in the previous trading session.
Of the 319 companies and mutual funds traded, 167 advanced, 110 declined and 42 remained unchanged.
‘Market remained upbeat throughout the day when prime index DSEX gained by 19.8 points to close at 4,664.8 points,’ IDLC Investments said in its market commentary.
Amid the major sectors, pharmaceuticals and chemicals, increasing by 1.30 per cent on an average, topped the performance chart which was followed by miscellaneous, adding 1.20 per cent.
On the other hand, cement and ceramics faced erosion on the day declining by 0.80 per cent and 0.80 per cent respectively, IDLC Investments said.
DS30, the blue-chip index of the bourse, went up by 0.33 per cent or 5.92 points, to close at 1,752.56 points on Tuesday.
The Shariah index of the bourse, DSES, closed at 1,118.47 points, adding 0.12 per cent or 1.39 points.
Square Pharmaceuticals led the turnover chart with its shares worth Tk 33.51 crore changing hands.
Shasha Denims, Bangladesh Building Systems, Doreen Power Generations and Systems, National Tubes, Quasem Drycells, Bd Thai Aluminum, Eastern Housing and Confidence Cement were other turnover leaders.
Orion Pharma gained the most with a 10 per cent rise in its share prices, while Standard Ceramic Industries was the worst sufferer, shedding 9.37 per cent.

More about:

Want stories like this in your inbox?

Sign up to exclusive daily email

Advertisement

images

 

Advertisement

images