Dhaka stocks rebound as turnover tops Tk 1,000cr after 7 months

Staff Correspondent | Published at 10:54pm on July 10, 2018

Stocks rebounded on Tuesday with the turnover at the Dhaka Stock Exchange hitting a fresh seven-and-a-half-month high amid inventors’ portfolio reorganising moves after the June-closure.
DSEX, the key index of the DSE, added 0.56 per cent, or 30.02 points, to close at 5,371.30 points after losing 24.74 points in the previous trading session.
Turnover on the bourse increased by 20.7 per cent to Tk 1,088.19 crore compared with that of Tk 901.26 crore in the previous trading session.
Tuesday’s turnover was the highest after Tk 1,091.9 crore in November 21, 2017. It was Tk 902 crore on July 5.
Stockbrokers said the market finished up with an increased turnover due mainly to shift of investors’ focus from the banking sector to the other sectors.
Of the large capitalised sectors, banking and telecommunication declined by 0.74 per cent and 2.1 per cent respectively in line with the previous trading session.
Investors continued to withdraw their investments from banking shares as they remained pessimistic about the scrips after surfacing of new bank sector woes centring lending rate cut, stockbrokers said.
Besides the fund diversion, banks’ fresh investments moves after half-yearly accounts closure might be among other reasons for the upward market vibe, they said.
Of the 339 companies and mutual funds traded, 183 advanced, 99 declined and 57 remained unchanged.
‘The positive change in the index was mainly driven by significant positive movement in the food and allied, pharmaceuticals and energy sectors,’ LankaBangla Securities said in its market commentary.
DS30, the blue-chip index of the bourse, however, fell by 0.05 per cent, or 1.08 points, to close at 1,911.85 points.
Shariah index DSES finished at 1,271.02 points, adding 0.21 per cent or 2.76 points.
Bashundhara Paper Mills led the turnover chart with its shares worth Tk 45.88 crore changing hands.
BBS Cables, Ratanpur Steel Re-Rolling Mills, Pacific Denims, Paramount Textile, United Power Generation and Distribution Company, BEXIMCO, Western Marine Shipyard, Fu-Wang Food and Alif Industries were the other turnover leaders.
Peninsula Chittagong gained the most on the day with a 10-per cent increase in its share prices, while Aramit was the worst loser, shedding 6.67 per cent.