DSE turnover hits 5-and-a-half-yr high as index soars for 2nd day

Staff Correspondent | Published: 23:37, Jan 10,2017

 
 

Dhaka stocks skyrocketed for the second trading session on Tuesday with the turnover on the bourse hitting five-and-a-half year high mainly due to investors’ heavy buying.
The key index of Dhaka Stock Exchange, DSEX, rose 1.20 per cent or 62.78 points, to close at 5,277.39 points, the highest after 5,285.83 points on October 10, 2016.
Riding on investors’ heavy purchasing, DSEX has increased 118 points in two trading sessions.
Turnover on the bourse increased to Tk 1,696.94 crore compared with that of Tk 1,246.79 crore in the previous trading session.
Tuesday’s turnover was the highest after Tk 1,804.73 crore on July 28, 2011, the year of market crash.
Turnover on the bourse hit all-time high of Tk 3,249.57 crore on December 5, 2010 when the market was at its peak before the crash. After the crash, turnover on the bourse subsequently declined to around Tk 200-crore in late 2011.
In line with last trading session, market on Tuesday observed a surge in share prices of more than two-third traded scrips for another trading session following investors’ heavy buying of shares, stockbrokers said.
They said prime minister Sheikh Hasina’s remark on Sunday this week helped in investors’ optimistic participation on the trading floor as they were expecting that the government will extend its support for the capital market further.
‘The present government would continue its all-out support for the development of the stock market which would be a “dependable source” of long-term funding in building a developed Bangladesh,’ Hasina said.
On the sectoral front, prices of non-bank financial institutions gained the most with a 3.32 per cent rise in share prices of those scrips on an average.
Besides, average prices of textiles and engineering sectors rose by 2.46 per cent and 1.78 per cent respectively.
Stock brokers said that institutional investors had in recent times participated heavily in the trading.
Besides, the presence of general investors in different brokerage houses have also increased upward market trend for more than six months starting from May last year.
Of the 326 companies and mutual funds traded, 218 advanced, 75 declined and 33 remained unchanged.
‘Broad index break was 62.79 points in the green on Tuesday with turnover reaching five year’s highest,’ said LankaBangla Securities in its market report.
‘Index started with a positive movement reaching to 5,247 points level in the first hour, and with a stable upward movement index closed at 5,277.39 points level,’ it said.
‘The next major resistance level lies at 5,400,’ it said.
DS30, the blue-chip index of DSE, rose 0.82 per cent or 15.54 points, to close at 1,894.66 points.
The Shariah index, DSES, finished at 1,240.42 points, adding 0.82 points, to close at 10.20 points.
BEXIMCO led the turnover chart on the day with its shares worth Tk 64.56 crore changing hands.
Bangladesh Building Systems, Apollo Ispat Complex, IFAD Autos, LankaBangla Finance, Unique Hotel and Resorts, Olympic Accessories, Dhaka Electric Supply Company, Keya Cosmetics and Doreen Power Generation and Systems were other turnover leaders.
Paramount Textiles gained the most, adding 9.70 per cent, while Imam Button was the worst loser, shedding 8.94 per cent.

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