Dhaka stocks gained on Tuesday amid increased participation of the institutional investors who were hoping the market would be vibrant after the 11-day vacation.
DGEN, the benchmark general index of Dhaka Stock Exchange, gained 1.13 per cent or 47.92 points, to close at 4,256.32 points.
Turnover of the bourse increased to Tk 362.59 crore on the day from that of Tk 278.95 crore in the day before.
The DGEN lost 28.06 points in profit taking sales on Monday following a four-day rise when the index had gained around 200 points.
The DGEN opened the day positively but fluctuated in the first two hours. The index picked a pace in the closing hour and finished the day in a positive zone before the 11-day closing for Eid vacation.
Operators said the market turned positive on Tuesday following the return of the institutional investors who were taking position ahead of Eid.
They said some banks become active in the market and went for buying after their poor half-yearly disclosures.
The increased provisioning of banks’ stock market loans and investment are forcing them to make fresh investment to minimize losses, they said.
‘The overall economic condition also improved recently which perhaps allowed banks to make some fresh investment in the market,’ said a stockbroker.
He said that banks might not be able to sustain the comfort zone for more than two months.
‘The government’s borrowing could jump from October onwards which will put the banks in a liquidity crunch again,’ he said.
He, however, said any positive outcome about the World Bank fund for Padma bridge project would turn the economic calculation overnight.
Of the 269 issues traded on Tuesday, 167 advanced, 79 declined and 23 remained unchanged.
Among the major sectors, non-bank financial institutions gained the most, 4.51 per cent, on Tuesday, followed by power that gained 2.70 per cent.
Banks gained 0.26 per cent and pharmaceuticals 0.22 per cent while telecommunications declined by 0.65 per cent on the day.
Unique Hotel topped the turnover chart on Tuesday with its shares worth Tk 26.90 crore changing hands.
The other turnover leaders were Bangladesh Submarine Cable Company, Square Pharmaceuticals, Mehgna Petroleum, Jamuna Oil, Titas Gas, Summit Power, LankaBangla Finance, Saiham Cotton Mills and Keya Cosmetics.
-With New Age input
