Dhaka stocks inch up despite profit taking

Staff Correspondent | Published: 02:19, Dec 20,2016

 
 

Dhaka stocks inched up on Monday, extending the rising trend to fifth day, amid investors’ growing participation on the trading floor as turnover crossed Tk 1,000-crore mark for the third day in four trading session.
The key index of Dhaka Stock Exchange, DSEX, increased marginally by 0.06 per cent or 3.06 points, to close at 4,941.65 points, the highest after 4,956.09 points on January 15, 2015.
Turnover on the bourse increased to Tk 1,120.15 crore compared with that of Tk 975.01 crore in the previous trading session.
The index, like the recent trend, continued to rise amid investors’ growing participation on the trading floor, stockbrokers said.
On Monday, market finished almost flat mainly due to some profit booking share sales by the investors, wiping increase of 30 points early in the session, they said.
Benchmark DSEX has increased 297 points in last 24 trading sessions starting from November 14 this year.
As a result, daily average turnover on the bourse increased to Tk 814 crore in last 24 trading sessions compared with that of Tk 532 crore in the previous 24 trading sessions.
Small and mid capitalised companies of paper and printing, textile and general insurance sectors were among the top increasing sectors of the day. On the other hand, government entities, especially those of large capitalised scrips, faced marginal erosion in share prices.
The market has been on the rise due mainly to injection of fresh fund by high net worth individuals, who were earlier inactive on the trading floor following a prolonged sluggishness at the market, stockbrokers said.
Besides, absence of political uncertainty and downward rate of interest on bank deposit products were among other reasons behind the bullish market vibe, they said.
DS30, the blue-chip index of DSE, however, inched down 0.34 per cent or 6.20 points, to close at 1,796.83 points on Monday.
The Shariah index, DSES, closed at 1,167.25 points, shedding just 0.18 per cent or 2.21 points.
Of the 325 companies and mutual funds traded, 147 advanced, 135 declined and 43 remained unchanged.
‘The second trading session of this week saw the market to go up slightly with a 3.06 point increase,’ said LankaBangla Securities in its market report.
‘The day saw the broad index reach 4,970 points level in the beginning of the day but index came down and closed at 4,941 point,’ it said.
‘The next major resistance level lies at 5,000 points,’ the stockbroker said.
Bangladesh Building Systems led the turnover chart with its shares worth Tk 47.69 crore changing hands.
Square Pharmaceuticals, SAIF Powertec, IFAD Autos, Lafarge Surma Cement, GPH Ispat, Appollo Ispat Complex, CMC Kamal Textile Mills, IDLC Finance and Orion Pharm were other turnover leaders.
Fu-Wang Food gained the most with a 9.84 per cent rise in its share prices, while BD Autocars was the worst loser, shedding 7.93 per cent.

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