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Turnover crosses on Dhaka Stock Exchange Tk 6b-mark

DSEStocks ended higher for the fourth running session Sunday with turnover crossing Tk 6.0 billion mark backed by investors’ enthusiastic participation as they highly optimistic about market direction ahead.

“Improved expectations in political frontier and hope for market-friendly Monetary Policy Statement (MPS) ahead boosted up investors’ confidence to the market,” said an analyst.

The market started in a positive note in the morning and the upward trend continued till the market closure. At the end of the session, the prime index of the Dhaka Stock Exchange (DSE) – DSEX ended at 4,437.81 points, gaining 29.99 points or 0.68 per cent from previous session.

The DS30 index, including blue chips also advanced 21.17 points or 1.36 per cent to close the session at 1,576.81 points.

The market turnover on DSE hit 12-session high value of Tk 6.2 billion – the highest amount since Tk 7.10 billion on December 22, 2013 also 19.7 per cent increase over the previous session’s value.

“Breaking its historical crest of 4,440 points during the day’s session, DSEX created another span of aspiration amid investors,” said IDLC Investments, a leading merchant bank.

Subsequently, spike in indices lured some witty investors to book profit, which forced broad index to close at 4,438 points, the merchant bank said.

Meanwhile, market participants were rebalancing their portfolio among scrips and sectors, centering on upcoming MPS and yearly corporate decelerations, the merchant bank said.

Backed by investors’ enthusiastic participation, turnover crossed Tk 6.0 billion level after 12-session. The investors mostly centralized their focus in Engineering 21.1 per cent, Fuel & Power 15 per cent and Textile 13 per cent sector, the merchant bank added.

Market staged spectacular rally with DSEX surging close to its near term resistance level of 4,440 over strong buy pressure, said LankaBangla Securities.

“Market has been making a smart gain mostly led by money market liquidity which would spur the institutional investment on stocks,” said the stock broker.

“Positive macro data also boost market sentiment as December trade deficit narrowed by 35.71 per cent in first five months of current fiscal year and interest rate tapered on short-term government securities.”

“All eyes are now on annual corporate profitability and taking position accordingly. However, scaling out of stocks in last hour of the day’s trading session normalized the market gain,” said the stock broker.

Gainers beat losers 164 to 88, with 36 issues closed unchanged on the DSE floor.

Among the major sectors, fuel & power registered the highest gain of 2.40 per cent – followed by pharmaceuticals 1.21 per cent and telecommunications 0.69 per cent. Banks – the largest market capitalized sector -went up marginally by 0.12 per cent while NBFIs retraced 0.62 per cent.

Activities increased in the major bourse (DSE) where volume and trade were up 16.26 per cent and 16.71 per cent respectively. A total of 0.136 million trades were executed with 128.26 million shares and mutual fund units were trading volume.

The market capitalization of the DSE stood at Tk 2,734.15 against Tk 2,717.36 billion in the previous session.

Golden Son dominated the top turnover chart with shares worth Tk 52.01 million changing hands followed by Olympic Industries and Summit Purbanchol Power Company. The top three accounted for 11.3 per cent of total market turnover. Engineering sector continued to top the turnover’s chart with 21.1 per cent contribution.

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Source: Financial Express

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