Stocks soar as DSE selects China bourses as strategic partner

Staff Correspondent | Published: 23:27, Feb 11,2018

 
 

Dhaka stocks skyrocketed on Sunday with the share prices of all the sectors increasing as investors, encouraged by the news that the Dhaka Stock Exchange approved a Chinese consortium’s bid to be its strategic partner, went for a buying spree.
The DSE’s key index, DSEX, advanced by 2.15 per cent, or 128.32 points, to finish at 6,093.95 points.
The index gained 170 points in last three trading sessions.
The market opened with a gain that continued to increase until the end of the trading session as
investors went for buying shares following the news that the DSE board on Saturday approved the sales of 25 per cent of its
stake to the Chinese consortium of Shenzhen Stock Exchange and Shanghai Stock Exchange at around Tk 992.07 crore, market operators said.
DSE director Rakibur Rahman said, ‘If the consortium becomes our partner, it will be very positive news for the Bangladesh capital market as it will bring huge amount of foreign fund in the market.’
Market operators said a section of investors also continued purchasing shares with expectations of better earnings and dividends that the companies would declare soon.
Easing of political tensions surrounding the February 8 verdict against Bangladesh Nationalist Party chairperson also encouraged investors to invest at the market, they said.
United International University professor Mohammad Musa said that investors got their confidence back as there was no political turmoil after the verdict that was the main reason for the surge on Sunday.
The average share prices of all the sectors increased on the day.
Bank, non-bank financial institution, telecommunication and pharmaceutical sectors advanced by 3.08 per cent, 1.77 per cent, 1.66 per cent and 0.81 per cent respectively.
The turnover at the DSE increased to Tk 455.45 crore on Sunday compared with that of Tk 300.64 crore in the previous session.
Out of the 337 companies and mutual funds traded, 293 advanced, 27 declined and 14 remained unchanged.
DS30, the blue-chip index of the DSE, also advanced by 1.36 per cent, or 30.34 points, to close at 2,255.82 points.
Shariah index DSES added 1.64 per cent, or 22.83 points, to close at 1,412.40 points.
LankaBangla Finance led the turnover chart on the day with its shares worth Tk 21.99 crore changing hands.
Anwar Galvanizing Ltd, Square Pharmaceuticals, Monno Ceramics, Mercantile Bank, Pharma Aid, Alif Industries, Keya Cosmetics, Grameenphone and City Bank were the other turnover leaders.
Miracle Industries was the top gainer with a 9.93-per cent rise in its share prices, while Asia Insurance was the worst loser, shedding 5.88 per cent.

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