Dhaka stocks post strong gain as turnover races past Tk 1,000cr

Staff Correspondent | Published: 01:58, Dec 15,2016

 
 

Dhaka stocks advanced for the second trading session on Wednesday with turnover crossing Tk 1,000 crore as investors continued with optimistic purchasing.
The key index of Dhaka Stock Exchange, DSEX, increased to 4,906.92 points, adding by 0.76 per cent or 37.32 points after increasing by 8 points in the last trading session.
Turnover on the bourse increased by 43.60 per cent to Tk 1,064.64 crore compared with that of Tk 741.24 crore in the last trading session.
As investors continued with optimistic purchasing of shares in an expectation of further rise in share prices, the turnover increased on the bourse, stockbrokers said.
The upward market movement for almost six months has helped grow investors’ confidence over the market, they said.
High net worth investors, who were on the sideline due to prolonged dullness in the market, have become active in trading as well, supporting the turnover to reach to above Tk 1000-crore mark for the second time in just four trading sessions, they said.
Of the sectoral front, average prices of cement, engineering, non-bank financial institutions increased by 2.94 per cent, 1.89 per cent and 1.31 per cent respectively.
Of the 323 companies and mutual funds traded on Wednesday, 179 advanced, 100 declined and 44 remained unchanged.
‘Bullishness surged across the board where prime index DSEX added 37.3 points more to close above 4,900.0 points level for the first time in 2016,’ said IDLC Investments in its market commentary.
‘Excluding block trade, Wednesday’s turnover was the highest during 2016 while including all it was settled at Tk 10.6 billion,’ it said.
‘The third trading session of the week saw the market regain its upward momentum with a 37 point increase,’ said LankaBangla Securities in its market commentary.
‘The day saw the broad index move beyond the 4,870 points resistance level and reach the 4,900 points resistance level.
‘The next major resistance level lies at 5,000 points,’ it said.
DS30, the blue-chip index of the bourse, increased by 0.65 per cent or 11.73 points, to close at 1,797.35 points on Wednesday.
The shariah index, DSES, finished at 1,169.02 points, adding by 1.02 per cent or 11.88 points.
Bangladesh Building Systems led the turnover chart with its shares worth Tk 69.77 crore changing hands.
Lafarge Surma Cement, Active Fine Chemical Industries, Appollo Ispat Complex, Ratanpur Steel Re-Rolling Mills, IFAD Autos, AFC Agro Industries, MJL Bangladesh, BD Thai Aluminum and Summit Alliance Port were other turnover leaders.
Bangladesh Building Systems gained the most on the day with a 10-per cent rise in its share prices, while Standard Insurance was the worst loser of the day, shedding by 4.66 per cent.

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