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DSEX crosses 4,700-mark

imagesStocks saw strong momentum for third running session Thursday with key index of the prime bourse crossed 4,700-point psychological level as investors continued to take position amid optimism.

The prime index of the Dhaka Stock Exchange (DSE) – DSEX ended at 4,702.66 points, gaining 62.10 points or 1.33 per cent. It is the highest level of DSEX since its inception on January 27, 2013.

The DS30 index, comprising blue chips also advanced 24.03 points or 1.46 per cent to close the session at 1,664.10 points. The DSE Shariah Index (DSES) went up by 15.26 points or 1.58 per cent to close at 976.33 points.

The market turnover remained buoyant as DSE turnover stood at Tk 8.34 billion against Tk 8.35 billion in the previous session.

“The market closed the week with big jump in indices amid revived market participation,” commented LankaBangla Securities, a leading stock broker.

Investors are hustling to buy shares and pushing the market up continuously. DSEX recorded its best single-day gain over 62 points on the day, though some investors lured by profit booking at attractive prices, said the stock broker.

“Market wrapped the week with massive flow of fund keeping the market turnover value to Tk 8.3 billion”.

“Increasing turnover with long green candles are indicating that fresh money is flowing in the market. As money market is very liquid and real investment in the economy has not yet picked up, excess liquidity in the banking system is rushing into the market,” the stock broker said.

“Market outlook reflects the investors’ views that economic growth will revive on account of divesting performance during political unrest,” the stock broker added.

“Triumphant march of the market went on, powered by positive investment outlook. Investors’ confidence grew even stronger and kept on supporting the market in this uptrend,” said IDLC Investments.

Optimism pushed DS30 to break its previous record high of 1,654 points. In the mean time, DSEX surfaced over 4,700 points while the Shariah compliant index DSES gained 15 points, said the merchant bank.

“The smooth ride of the indices aided the market to close the week with a graceful ending. Since, the drowning ship of total turnover and the DSE index congruently appears to have found a life boat, investors now have a reason to cheer and look for further growth from the bourse, observed Zenith Investments.

Strong investors’ confidence is what the market needs at this moment of quick recovery, to build a strong basement for a longer and sustainable upward run, the Zenith analysis said.

All the mutual funds except First Bangladesh Fixed Income Fund rallied on the day, with five of them dominating the top ten gainers chart. The sector posted an overall gain of 3.62 per cent.

NBFIs, banks, fuel and power, telecommunications also gained 3.52 per cent, 2.51 per cent, 1.93 per cent and 1.51 per cent respectively.

Gainers beat losers 177 to 97, with 21 issues closed unchanged on the DSE floor.

Activities also increased in the prime bourse. A total of 0.166 million trades were executed with 201 million shares and mutual fund units were trading volume.

The market capitalization of the DSE stood at Tk 2,859.60 billion against Tk 2,826.03 billion in the previous session.

LankaBangla Finance dominated the top turnover chart with shares worth Tk 300.72 million changing hands followed by Padma Oil, Square Pharma, Olympic and Meghna Petroleum.

Rupali Bank was also the day’s highest gainer, posting a rise of 10 per cent while Meghna Condensed Milk was the day’s worst losers, slumping by 7.28 per cent.

The Chittagong Stock Exchange (CSE) also closed higher, with its Selective Categories Index – CSCX gained 117.74 points to close at 9,234.14 points.

Gainers beat losers 136 to 90, with 13 issues remaining unchanged at the port city bourse that traded 21.32 million shares and mutual fund units, turnover value of Tk 695.21 million.

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Source: Financial Express

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