Stocks rebound as financial scrips gain

Staff Correspondent | Published at 12:05am on August 29, 2018

Dhaka stocks on Tuesday gained again, after a brief correction in the previous session, as investors went for share purchasing, especially from the financial sectors.
DSEX, the key index of the Dhaka Stock Exchange, advanced 0.61 per cent, or 34.44 points, to close at 5,619.41 points on Tuesday after losing 11.94 points in the previous session.
Before Monday, the market gained 217 points in five trading sessions.
The trading began with bullish trend on Tuesday and the uptrend continued till the end of the session as investors went for share buying, especially from the financial sectors, market operators said.
Although there was no visible positive news in the financial market of the country, the investors continued with injecting funds in bank and non-bank financial institute scrips, stockbrokers said.
Prime minister Sheikh Hasina’s scheduled visit to the Bangladesh Securities and Exchange Commission on September 12 to attend the 25th anniversary programme of the commission has been a catalyst for the market rally, they said.
The average share prices of bank and non-bank financial institutions soared by 2.0 per cent and 1.8 per cent respectively with leading the turnover chart on the day.
Out of the 30 traded bank scrips, 26 advanced, just two dropped and two remained unchanged, while out of the 23 traded NBFIs, 13 advanced, six declined and four remained unchanged on Monday.
Besides financial sectors, share prices of telecommunication, energy and textile sectors advanced on the day.
Among the prominent scrips, the share prices of Grameenphone, BRAC Bank and Baraka Power soared on Tuesday.
Investors’ presence on the trading floor also increased as Eid hangover began to wane.
The turnover on the DSE advanced to Tk 611.71 crore on Tuesday compared with that of Tk 532.00 crore in the previous trading session.
On the other hand, average share prices of miscellaneous, engineering and pharmaceuticals dropped 2.4 per cent, 0.31 per cent and 0.3 per cent respectively on profit taking move.
‘The market was positive throughout the session as investors kept on taking fresh position to rebalance their portfolio,’ said EBL Securities in its daily market commentary.
Of the 335 companies and mutual funds traded, 137 advanced, 148 declined, and 48 remained unchanged.
DS30, the blue-chip index of the DSE also gained 0.47 per cent, or 9.42 points, to close at 1,974.30 points.
Shariah index DSES also added 2.04 per cent, or 2.04 points, to finish at 1,274.92 points.
United Power Generation Company led the turnover chart with its shares worth Tk 44.29 crore changing hands.
National Housing Finance, IPDC Finance, BRAC Bank, LankaBangla Finance, International Leasing and Financial Services, BBS Cables, IFAD Autos, City Bank and Active Fine Chemicals were the other turnover leaders.
IPDC Finance gained the most on the day with a 9.92-per cent increase in its share prices, while Pragati Life Insurance was the worst loser, shedding 8.66 per cent.