Stocks rise for 2nd day, DSE turnover hits 7-month high

Staff Correspondent | Published: 00:05, Jul 06,2018

 
 

Stock prices increased for the second trading session on Thursday with the turnover on the Dhaka Stock Exchang hitting a seven-month high as investors continued buying shares after plunges in the previous three trading sessions.
DSEX, the key index of the DSE, gained 1 per cent, or 53.16 points, to close at 5,362.27 points.
Turnover on the bourse increased to Tk 902.83 crore, the highest after Tk 928 crore on November 27 last year. On Wednesday, it was Tk 741.22 crore.
The market started with a positive tone in line with the previous trading session and the vibe sustained throughout the session as investors continued bargain hunting for the second day after a three-day plunge, market operators said.
Besides, a section of investors, who were previously skeptical about the impact of banks and non-bank financial institutions’ move to reduce lending and deposit rates to 9 and 6 per cent respectively on the captial market, might have become optimistic about its positive impact, they said.
They said a reduced deposit rate in the banks and NBFIs would ultimately encourage savers to divert their fund to the capital market with a view to getting higher returns.
Meanwhile, the price hike of some fundamentally weak companies including Legacy Footwear, Bangladesh Autocars and Aziz Pipes continued for another trading session on Thursday despite the fact that the DSE issued notices to the companies seeking reasons for the recent unusual price hike of their shares.
Of the 339 companies and mutual funds traded, 192 advanced, 107 declined
and 40 remained unchanged.
‘The broad index reached peak within the first hour of the day and showed a slight downward shift in the second hour,’ LankaBangla Securities said in its market commentary.
‘Through the remaining hours, the index experienced bullish trend and hit the highest point for the last seven months,’ it said.
‘This positive change in the index was mainly driven by significant positive movement in the telecommunication, food-and-allied, and energy sectors,’ it said.
Among the large cap sectors, the banking sector experienced negative movement with 0.16 per cent loss while telecommunication topped the gaining list with 2.17 per cent increase from the last trading day, LankaBangla said.
DS30, the blue-chip index, finished at 1,926.46 points, adding 1.25 per cent or 23.88 points on Thursday, the last trading session of the week.
The Shariah index of the bourse, DSES, closed at 1,261.31 points, rising by 1.27 per cent or 15.84 points.
Bashundhara Paper Mills Limited led the turnover chart with its shares worth Tk 58.83 crore changing hands.
Alif Industries Limited, Fortune Shoe, Ratanpur Steel Re-Rolling Mills, United Power Generation and Distribution Company, BBS Cables, Monno Ceramics, BEXIMCO, Anwar Galvanising and Sinobangla Industries were the other turnover leaders.
Shahjibazar Power Company gained the most on the day with a 9.97-per cent increase in its share prices, while Dulamia Cotton Spinning Mills was the worst loser, shedding 9.17 per cent. 

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