Dhaka stocks ended flat despite rising early in the trading session on Sunday as the investors accepted the result of the Gazipur polls positively, thinking that the BNP and its allies would not go for any agitation programme after their candidate won the election.
The benchmark general index of the Dhaka Stock Exchange, DSEX, gained 0.17 per cent, or 7.67 points, on the day to end at 4,278.09 points.
The DSEX has now gained 173.45 points in the last four trading sessions.
However, the turnover of the bourse declined to Tk 858.25 crore on the day from the previous session’s Tk 913.19 crore.
The key index of the bourse gained more than 65 points within the first 45 minutes of trading as the optimistic investors were busy on the trading floor. The prices then started to go down as the investors opted for profit-taking moves, leading the market to a flat finish at the end of the day.
Market operators said the win of opposition alliance-backed mayoral candidate MA Mannan had a positive impact on the investors.
As the opposition’s man has won, they are unlikely to go for agitation programmes. If the political situation remains stable it would be good for the business environment, they said.
The finance ministry on Thursday asked the Investment Corporation of Bangladesh to collect the first phase to implement the refinance scheme for the affected small scale investors following Prime minister Sheikh Hasina’s direction on Wednesday, which boosted the investors’ confidence further, said the operators.
The old key index of the bourse, DGEN, gained 0.35 per cent, or 16.35 points, to finish at 4,558.67 points.
DS30, the blue chip index of the bourse, finished flat at 1,599.14 points, gaining 0.27 per cent or 4.37 points.
‘The win of the opposition-backed candidate in the Gazipur polls and nothing unusual in the election area after the result made investors optimistic,’ Union Capital managing director Akhter Hossain Sannamat told New Age.
‘Confidence remained high, evidenced by last four sessions’ average turnover of Tk 834.79 crore with DGEN closing over 4,500 points. Recently concluded city corporation election is expected to maintain relatively calm political frontier, which also affected the market sentiment positively,’ IDLC Investment said in its daily market commentary.
Among the 289 shares and mutual funds traded on the day, 165 advanced, 112 declined and 12 remained unchanged.
-With New Age input
