Dhaka stocks advanced sharply for the second trading session on Wednesday with the key index of Dhaka Stock Exchange, DSEX, making the highest single-day gains in this year as investors were expecting further rise in share prices. The DSEX on the day rose by 1.55 per cent, or 78.96 points, to close at 5,153.26 points on the day. Turnover of the bourse increased to Tk 977.12 crore on Wednesday compared with that of Tk 879.77 crore in the previous day.
Market operators said that investors might have increased their participation on the trading floor in the expectation that the market might increase further.
Upward GDP growth forecast by International Monetary Fund also boosted investors’ confidence, they said.
In line with the previous trading session, banks and non bank financial entities continued to get investors’ attraction on the day, they said.
DS30, the blue-chip index of the bourse, increased at 1,985.57 points, adding 1.25 per cent or 24.69 points.
The Shariah index of DSE, DSES, advanced to 1,214.12 points, increasing by 1.55 per cent or 18.60 points.
Of the 302 shares and mutual funds traded on the day, 229 advanced, 52 declined and 21 remained unchanged.
‘Penultimate session ahead of Eid vacation showcased strong buying pressure, especially in mid capitalised scrips,’ IDLC Investments said in its daily market commentary.
‘Additionally, volatility returned with investors’ continuous search for spread,’ it said.
‘As a result, 96 scrips faced more than 2.50 per cent change of their respective prices. Since index sustained above 5,000.0 points level for the last few sessions, investors’ optimism condensed a lot, still fuelling upbeat vibe across the market,’ said IDLC.
‘With persisting buoyant move in the market, the benchmark index closed above 5100 level with the highest level of single day gain on index in this year,’ LankaBangla Securities said in its daily market analysis.
‘Financial stocks dominated the bourse in continuation of previous trading sessions, where banking stocks alone gained 1.6 per cent in market-cap and NBFI gave 1.4 per cent return,’ it said.
The market might have considered the positive economic indicators, while the IMF has estimated that Bangladesh’s GDP growth would be 6.25 per cent for the fiscal year 2014-15, supported by strong domestic demand,’ it said.
Titas Gas led the turnover chart as its shares worth Tk 96.61 crores changed hands on the day.
Grameenphone, Square Pharma, Delta Life Insurance, MJL Bangladesh, Olympic Industries, Beximco Pharma, BEXIMCO and Padma Oil were among other turnover leaders.
-With New Age input
