Stocks up for 2nd day as banks rise ahead of Dec closing

Staff Correspondent | Published: 00:05, Dec 01,2017 | Updated: 23:54, Nov 30,2017

 
 

Dhaka stocks advanced on Thursday, gaining for the second day in a row, as investors went for buying shares, especially from those of banks and Grameenphone ahead of year closure.
The key index of Dhaka Stock Exchange, DSEX, increased 0.45 per cent, or 28.30 points, to close at 6,306.86 points on Thursday after gaining 5 points in the previous session.
The market increased 30 points within 40 minutes of the day that maintained the vibe for the rest of the session as investors went on fresh investment ahead of year closing.
Banks rebounded strongly on the day, gaining by 1.39 per cent after investors gained profit through selling off their shares.
Expectation of better earning reports and dividends for the year end December, 2017 also provoked investors to invest in the market, they said.
Besides banks, average share prices of Telecommunication, food and engineering also gained 0.4 per cent, 0.3 per cent and 0.2 per cent respectively that also contributed to the bull-run, stockbrokers said.
Share prices of BRAC Bank, Grameenphone and Eastern Bank soared on the day that helped the market to advance on the day.
On the other hand, share prices of pharmaceuticals, cement and non-bank financial institutions declined by 0.3 per cent, 0.3 per cent and 0.1 per cent respectively.
Investors turned their focus on the large capitalised scrips after their shares faced continuous profit booking sell offs. Therefore, investors moved towards those renowned scrips with an expectation of better gains before year closure.
Turnover on the bourse, an important indicator of the investors’ participation, declined further to Tk 620.07 crore compared with that of Tk 679.23 crore in the previous session.
Of the 330 companies and mutual funds traded, 140 declined, 139 advanced and 42 remained unchanged.
‘Investors remained positive and engaged in taking fresh position,’ said EBL Securities in its daily market commentary.
Strong buying pressure on stocks mainly from bank sector kept the index moving upward, it said.
DS30, the blue-chip index of the DSE, increased 0.40 per cent, or 9.10 points, to finish at 2,270.13 points.
Shariah index, DSES, ended flattened down by 0.04 per cent, or 0.06 points, to close at 1,381.57 points.
BRAC Bank led the turnover chart on the day with its shares worth Tk 45.54 crore changing hands.
Standard Bank, Square Pharmceuticals, AB Bank, Grameenphone, BD Thai, Power Generation, LankaBangla Finance, Paramount Textiles and IFAD Autos were the other turnover leaders.
Northern Jute Manufacturing Company increased the most with a 7.01 per cent rise in its share prices, while Savar Refractories was the worst sufferer on the day, shedding 8.62 per cent. 

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