Stocks rise for 5th day on New Year portfolio rebalancing

Staff Correspondent | Published: 23:13, Jan 02,2018 | Updated: 23:17, Jan 02,2018

 
 

Dhaka stocks on Tuesday advanced, extending its gaining spell for five consecutive sessions, as investors continued with share purchasing from most of the sectors into the New Year.
DSEX, the key index of the DSE, gained 0.40 per cent, or 25.55 points, to close at 6,279.96 points on the day. The index advanced by 120.44 points in last five trading sessions.
The market opened with positive note that increased further in the late hour as investors remained on share purchasing from most of the scrips, market operators said.
They said that the investors were regaining confidence over the market after prolonged dull spell.
The average turnover at DSE was Tk 486 crore during the last month, the lowest single month in the year, 2017.
But, investors, especially institutional ones, started to invest in the capital market after the end of year-end closure hype.
Participations investors increased further on Tuesday, the second day of the New Year, as institutional investors became active to rebalance their portfolios after the year-end sales, said a stock broker.
Share prices of telecommunication, energy and pharmaceuticals surged by 1.58 per cent, 0.92 per cent and 0.67 per cent respectively that helped the market to gain for another session.
Surge in share prices of Grameenphone by 1.78 per cent contributed most in the upbeat of the market on the day.
Investment Corporation of Bangladesh, Square Pharmaceuticals and United Power Generation joined the rally of the mobile operator.
On the other hand, average share prices of all the financial sectors except non-bank financial institutions declined on the day.
Average share prices of food and bank declined by 0.43 per cent and 0.38 per cent respectively.
Among the most prominent scrips, British American Tobacco, Pubali Bank and BRAC Bank were the worse loser of the day.
The turnover at the DSE surged to Tk 606.89 crore compared with that of Tk 374.30 crore in the previous session.
‘The capital bourse of the country kept riding on the momentum amidst positive expectation from opportunity seeking investors, said EBL Securities in its daily market commentary.
The core index remained upward throughout the session and investors kept buying fresh stocks with the hope of taking positions in the undervalued stocks, it said.
Of the 335 companies and mutual funds traded, 189 advanced, 100 declined and 46 remained unchanged.
DS30, the blue-chip index of the DSE, added 0.43 per cent, or 10.97 points, to finish at 2,291.37 points.
Shariah index DSES also increased 0.78 per cent, 9.82 points, to close at 1,402.39 points.
United Power Generation Company led the turnover chart on the day with its shares worth Tk 29.13 crore changing hands.
Dragon Sweater, Lafarge Surma, Paramount Textiles, Unique Hotel, Square Pharmaceuticals, National Tubes, LankaBangla Finance, Islami Bank, and Golden Harvest Agro were the other turnover leaders.
Dragon Sweater increased most with a 7.97-per cent rise in its share prices, while Alif Industries was the worst sufferer, shedding 9.97 per cent.

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