Dhaka stocks end year on high note, rise for 3rd day

Staff Correspondent | Published: 23:37, Dec 28,2017 | Updated: 00:24, Dec 29,2017

 
 

Dhaka stocks soared on Thursday, the last trading session of this year, with an increase in share prices of two-thirds of the traded scrips as investors increased their stakes with an expectation of better market prospect in the coming year.
The shares trading of Alif Industries Limited, which remained at the Dhaka Stock Exchange’s over-the-counter market for six years, began on the bourse’s main trading platform on the day. The share prices of the company soared to its circuit-breaker — 10 per cent — on Thursday.
DSEX, the key index of the DSE, gained 0.93 per cent, or 58.05 points, to close at 6,244.52 points on the day.
The key index advanced by 85 points in last three sessions.
The market opened with positive momentum that sustained throughout the day as investors went for buying shares from most of the scrips, market operators said.
The market was slow from the beginning of this month as many investors remained on the sidelines fearing that the market would fall as the year-end is approaching, they said.
Investors injected fund in the market in the last couple of days expecting that the market would gain from the beginning of the new year, stockbrokers said.
Moreover, they expected that companies would declare better earnings and dividends for the outgoing year that prompted investors to return to the trading floor, they said.
As a result, the share prices of all the large capitalised sectors except food increased on the day.
Among the prominent sectors, the average share prices of energy, bank, pharmaceuticals and non-bank financial institution sectors advanced by 1.22 per cent, 1.2 per cent, 0.9 per cent and 0.7 per cent respectively.
The share prices of Grameenphone, Square Pharmaceuticals and Rupali Bank were the highest positive index movers on the day.
On the other hand, the share prices of food and jute sectors declined a bit on Thursday.
The share prices of Lafarge Surma cooled off on Thursday after a surge in the previous four consecutive sessions following the cement maker’s decision that it would buy
Holcim Cement (Bangladesh) at the price set by Bangladesh Bank.
Lafarge Surma Cement has approved the acquisition of hundred per cent shares (88,244 shares) of Holcim Cement (Bangladesh) Ltd at the price of Tk 504.78 crore set by the central bank.
The turnover at the bourse increased further to Tk 628.04 crore compared with that of Tk 551.70 crore in the previous session.
‘The market regained momentum as investors kept on taking fresh position on their portfolios,’ said EBL Securities in its daily market commentary.
The last working day of the year observed strong buying pressure especially in the later part of the session, it said.
Of the 335 companies and mutual funds traded, 237 advanced, 64 declined, and 35 remained unchanged.
DS30, the blue-chip index of the DSE, advanced by 0.96 per cent, or 21.84 points, to finish at 2,283.22 points.
Shariah index DSES also increased by 0.80 per cent, or 11.07 points, to close at 1,390.66 points.
Lafarge Surma led the turnover chart on the day with its shares worth Tk 30.61 crore changing hands.
Islami Bank, Square Pharmaceuticals, National Bank, Paramount Textiles, Rupali Bank, Nahee Aluminum, EXIM Bank, Alif Manufacturing Company and Mercantile Bank were the other turnover leaders.
Prime Bank 1st ICB AMCL Mutual Fund increased most for the second day with a 5.71-per cent rise in its share prices, while Emerald Oil was the worst sufferer, shedding 6.18 per cent.

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