Stocks advance further as buying mood sets in

Staff Correspondent | Published: 00:00, Jan 10,2019

 
 

Dhaka stocks advanced further on Wednesday with an increased turnover as investors kept injecting funds in the capital market amid calm on the political front after the December 30 national polls, market operators said.
DSEX, the key index of Dhaka Stock Exchange, added 0.48 per cent, or 27.81 points, to close at 5,798.59 points on Wednesday after gaining 115.58 points in the previous session.
The key index gained 580 points in last 14 sessions despite a negative session on Monday.
The trading at the market was choppy on Wednesday with a couple of ups and downs but the market finished in the positive territory as investors continued injecting funds in the market, market operators said.
They said that the market got upward momentum after the national polls that eased political tensions.
In the election year (2018), the market was largely bearish as investors were cautious in the run-up to the elections. In 2018, the DSEX lost 859 points.
Market operators said investors got their confidence back in last couple of weeks.
In the national polls, the Awami League-led ruling alliance won 288 seats while the opposition alliance led by Bangladesh Nationalist Party secured just seven.
A number of businesspersons were elected members of parliament in the national polls who have direct or indirect link with some listed companies that encouraged investors to buy shares of those companies, stockbrokers said.
They said the continuous bull run also provoked investors to invest in the market.
The turnover on the bourse increased to Tk 1,025.73 crore on Wednesday compared with that of Tk 1,010.03 crore in the previous trading session.
Share prices of non-bank financial institution, telecommunication, pharmaceutical and bank increased by 3.1 per cent, 0.8 per cent, 0.4 per cent and 0.4 per cent respectively.
Share prices of textile, cement and miscellaneous dropped by 1.0 per cent, 0.6 per cent and 0.3 per cent respectively.
‘The leading bourse of the country maintained the gaining streak following active participation from investors as they were on buying mood in sector-specific stocks,’ said EBL Securities in its daily market commentary.
Growing confidence attracted more investors to taking fresh position in their portfolios, it said.
Of the 336 companies and mutual funds traded on Wednesday, 148 advanced, 161 declined and 37 remained unchanged.
DSE blue-chip index DS30 gained 0.49 per cent, or 9.93 points, to close at 2,011.11 points.
Shariah index DSES added 0.60 cent, or 7.92 points, to finish at 1,315.98 points.
Olympic Industries led the turnover leaders with its shares worth Tk 35.92 crore changing hands on the day.
Active Fine Chemicals, BBS Cables, Singer Bangladesh, Dhaka Bank, BRAC Bank, Square Pharmaceutical, JMI Syringe, Bangladesh Export Import Company and National Housing Finance were the other turnover leaders.
United Insurance gained the most on the day with a 9.97-per cent increase in its share prices, while Delta Spinners was the worst loser, shedding 8.21 per cent.

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