Banks lift Dhaka stocks for 3rd day on MPS ease

Staff Correspondent | Published: 00:05, Aug 03,2018 | Updated: 00:35, Aug 03,2018

 
 

Dhaka stocks advanced for the third day on Thursday as investors increased stakes across the board, focusing on the financial scrips, as Bangladesh Bank’s new monetary policy withered away investors’ fear of it impacting the market negatively.
DSEX, the key index of Dhaka Stock Exchange, advanced by 0.96 per cent, or 51.59 points, to close at 5,399.79 points on Thursday. The DSEX gained 136.87 points in last three trading sessions.
The market began with vibrancy and remained upbeat till the end of the session as investors went on with buying shares, market operators said.
The BB on Tuesday unveiled the monetary policy statement for the first half (July-December) of the current fiscal year (2018-19) without any major changes in the policy.
Market operators said investors, who were cautious on the trading floor before the MPS declaration, went on with fresh investment after the MPS announcement.
The financial sectors led the rally for another session with banks and non-bank financial institution sectors advanced by 2.2 per cent and 0.6 per cent respectively. Textile, miscellaneous and pharmaceutical sectors also joined the rally.
Market experts said that the cheers for the MPS would not last long as the chaotic situation in the country’s financial sectors prevailed and most of the banks were yet to bring down the interest rate to single digit.
The average share prices of energy, food and telecommunication dropped by 1.2 per cent, 0.8 per cent and 0.7 per cent respectively.
‘The market started with bullish vibe and continued the ascent as opportunistic investors kept on taking fresh position with regained confidence after MPS declaration,’ said EBL Securities in its daily market commentary.
The DSE on Thursday disseminated on its web site news that the trading of the shares of Aman Cotton Fibrous Limited would begin at the bourse on August 6 under the ‘N’ category.
During the initial public offer subscription under the book building method, the institutional investors bought shares of the company at Tk 40 and the general investors at Tk 36.
Turnover on the DSE also increased slightly to Tk 764.01 crore on Thursday compared with that of Tk 740.62 crore in the previous trading session.
Of the 337 companies and mutual funds traded, 215 advanced, 98 declined, and 23 remained unchanged.
DS30, the blue-chip index of the DSE, also added 0.26 per cent, or 4.93 points, to close at 1,899.23 points.
Shariah index DSES added 0.39 per cent, or 5.01 points, to finish at 1,262.10 points.
United Power Generation Company led the turnover chart with its shares worth Tk 34.06 crore changing hands.
BBS Cables, Saiham Textile Mills, Dragon Sweater, Fortune Shoes, Legacy Footwear, LankaBangla Finance, Far Chemical Industries, KDS Accessories and Simtex Industries were the other turnover leaders.
National Housing Finance gained the most on the day with a 9.98-per cent increase in its share prices, while ICB Islami Bank was the worst loser, shedding 5.76 per cent.

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