Stocks go into Eid holidays on positive note

Staff Correspondent | Published: 00:05, Aug 21,2018 | Updated: 00:29, Aug 21,2018


Dhaka stocks advanced on Monday, the last trading session before Eid holidays, as a section of investors kept buying shares with an expectation of a positive run at the market ahead of prime minister Sheikh Hasina’s visit to the Bangladesh Securities and Exchange Commission while others focused on Eid celebration.
Eid-ul-Azha, one of the biggest religious festivals of Muslims, will be celebrated across the country tommorrow and trading at the Dhaka Stock Exchange will remain closed from today to August 25 for Eid holidays and weekly holidays.
DSEX, the key index of the DSE, advanced by 0.59 per cent, or 32.69 points, to close at 5,571.19 points on Monday. The DSEX gained 192 points in last four sessions.
The market was sluggish most of the session as investors took a cautious approach to trading ahead of the Eid holidays, market operators said.
Investors mostly focused on Eid celebration that dragged down the turnover on the DSE further to Tk 445.32 crore on Monday compared with that of Tk 560.57 crore in the previous trading session.
However, the market finished with a modest gain as a section of investors went for purchasing shares in late trading amid post-Eid expectation.
Besides, there was a speculation that the market would move upward before the prime minister’s visit to the commission, market operators said.
The prime minister is scheduled to attend the 25th anniversary ceremony of the BSEC on September 12.
Investors mostly focused on large capitalised scrips after the market regulator on August 16 suspended the trading of shares of three low-profile companies due to an unusual rise in their share prices and sent five others to the spot market.
The average share prices of energy, cement, bank and non-bank financial institution increased by 0.7 per cent, 0.5 per cent, 0.3 per cent and 0.2 per cent respectively while the financial sectors continued to lead the turnover chart.
The share prices of the textile sector rebounded by 2.2 per cent as investors went for bargain hunting amid media reports about a tax cut for the sector.
Of the 337 companies and mutual funds traded, 198 advanced, 97 declined, and 40 remained unchanged.
‘The capital bourse of the country continued displaying upward vibe for four sessions in a row with the index crossing the 5,500-points mark riding on financial stocks amid post-Eid positive expectation,’ said EBL Securities in its daily market commentary.
DS30, the blue-chip index of the DSE, gained 0.50 per cent, or 9.77 points, to close at 1,948.16 points.
Shariah index DSES also added 0.56 per cent, or 7.06 points, to finish at 1,257.63 points.
LankaBangla Finance led the turnover chart with its shares worth Tk 18.41 crore changing hands.
BBS Cables, City Bank, National Housing Finance, Dhaka Bank, BRAC Bank, United Power Generation Company, Mercantile Bank, Shepherd Industries and Saiham Textile Mills were the other turnover leaders.
MIDAS Finance gained the most on the day with a 10-per cent increase in its share prices, while Aziz Pipes was the worst loser, shedding 9.98 per cent.

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