Stocks rise for 3rd day

Staff Correspondent | Published: 00:00, Nov 08,2019

 
 

Dhaka stocks advanced for the third session on Thursday as investors continued buying shares of companies which are expected to declare better earnings for the July-September quarter.

DSEX, the key index of the Dhaka Stock Exchange, gained 0.36 per cent, or 17.22 points, to close at 4,771.92 points on Thursday after gaining 50.99 points in the previous session.

The DSEX added 93.55 points in the three sessions after weeks of volatility amid lack of confidence of investors in the market regulator and their concerns over the country’ economy and financial market.

The key index earlier lost more than 1,200 since January as a host of measures to rejuvenate the market failed amid liquidity crisis, influx of initial public offerings of weak companies and scams in the financial sector.

‘It’s a good sign that the market has been in the positive zone for three sessions. As share prices of many of the companies have hit almost bottom level, investors are buying those hoping to get good returns,’ said a stockbroker.

He said that investors on Thursday turned their focus to companies which were expected to declare better earnings as a number of companies had announced the schedule for board meetings for approving financial reports for July-September.

In line with Wednesday’s trading, trading began on the DSE in buoyant mood on Thursday with the DSEX gaining around 28 points in 20 minutes of trading and ultimately closing with 17.22 points gain.

Market operators said that some of the investors also booked profits on the day, resulting in moderate gain of the DSEX.

Turnover on the bourse, however, declined to Tk 367.09 crore on Thursday from Tk 385.25 crore in the previous day.

Out of the 350 scrips traded on the day, 164 advanced, 115 declined and 51 remained unchanged.

The DSE blue-chip index, DS30, gained 0.22 per cent, or 3.71 points, to close at 1,657.91 points.

Shariah index DSES inched up by 0.02 per cent, or 0.24 points, to end at 1,089.57 points.

National Tubes led the turnover chart with its shares worth Tk 19.46 crore changing hands on the day.

Sonar Bangla Insurance, Fortune Shoes, Bangladesh Submarine Cable Company, Silva Pharma, Square Pharma, Standard Ceramics, Shurwid Industries and Wata Chemicals were the other turnover leaders.

Investment Corporation of Bangladesh gained the most on the day with a 9.93-per cent increase in its share prices while Familytex (BD) performed the worst, losing 7.69 per cent.

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