Dhaka stocks gain for 2nd day on institutional buying

Staff Correspondent | Published: 00:00, Nov 09,2018

 
 

Dhaka stocks gained for the second sessions on Thursday as investors, especially the institutional ones, continued injecting funds in the bearish market.
DSEX, the key index of Dhaka Stock Exchange, added 0.32 per cent, or 16.89 points, to close at 5,259.11 points on Thursday after gaining 37.85 points in the previous session.
Before the two-day gains, the DSEX had lost 95 points in five consecutive sessions.
The DSEX began to increase from the very beginning of the day and finished the session in the positive territory as investors, especially the institutional ones, continued investing in the bearish market to get good returns, market operators said.
State-run Investment Corporation of Bangladesh began investing its Tk 2,000 crore of bonds’ proceeds in the market that helped the market to remain afloat.
Earlier, on July 17, BSEC allowed ICB to float non-convertible fixed rate subordinated bond worth Tk 2,000 crore and on October 11, the regulator made it mandatory for ICB to invest at least 75 per cent of the total proceeds in the market.
Moreover, the DSE members also started their investment of their share sales proceeds in the market to improve the market sentiment.
DSE received Tk 947 crore from a Chinese consortium by selling its 45,09,44,125 shares at Tk 21 each. DSE began disseminating the sales proceeds to its members from October 29.
Market operators said a section of investors also went on with bargain hunting after the recent fall.
The average share prices of textiles, pharmaceuticals and engineering increased by 2.20 per cent, 0.40 per cent and 0.29 per cent respectively.
The share prices of bank and telecommunication sectors inched up on the day.
On the other hand, many investors remained cautious due mainly to the concerns over political uncertainty amid rising political activities including meetings, rallies, dialogues and political fracas surrounding the national polls.
The average share prices of energy, miscellaneous and non-bank financial institutions dropped by 0.80 per cent, 0.35 per cent and 0.30 per cent respectively.
The turnover on DSE increased to Tk 593.70 crore on Thursday compared with that of Tk 484.48 crore in the previous trading session.
Of the 336 companies and mutual funds traded on Thursday, 158 advanced, 135 declined and 43 remained unchanged.
DS30, the blue-chip index of DSE, also added 0.28 per cent, or 5.37 points, to close at 1,859.09 points.
Shariah index DSES increased by 0.24 per cent, or 2.94 points, to finish at 1,210.46 points.
Shepherd Industries led the turnover chart with its shares worth Tk 24.39 crore changing hands.
SK Trims Industries, Intech Limited, BBS Cables, VFS Thread Dyeing, Monno Ceramics, Saiham Cotton, Advent Pharma, United Power Generation Company, Shasha Denims were the other turnover leaders.
CVO Petrochemical Refinery gained the most on the day with a 9.99-per cent increase in its share prices, while Eastern Cables was the worst loser, shedding 5.91 per cent.

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