Dhaka stocks advanced for the fifth trading session on Wednesday thanks to the soaring prices of banks’ shares while some state-owned institutions were also active on the trading floor to keep the market afloat. The benchmark general index of Dhaka Stock Exchange, DSEX, closed at 4,111.96 points, adding 0.53 per cent, or 21.84 points. DS30, the blue-chip index of the bourse, lost 0.55 per cent, or 8.06 points, to finish at 1,435.15 points on the day.
The DSEX has now gained 165.95 points in the last five trading sessions.
The turnover of the bourse increased to Tk 390.19 crore from the previous session’s Tk 388.92 crore.
Increase in the banks’ shares prices was the main reason behind the jump in the DSEX as 29 out of the 30 banks had gained on the day.
Some state-owned institutions were active on the trading floor to keep the large capitalised companies’ shares prices up and to protect the market from significant fall during the 60-hour general strike enforced by the main opposition party, said market operators.
As the institutions invested in the large capitalised companies, the market remained in the positive zone despite fall in most of the shares prices, they said.
The artificial trend of the market would not sustain after the strike as there were no significant positive changes, neither in the economic sector nor in the political arena, the operators observed.
‘Meanwhile, four sessions’ gaining streak continued with occasional wave of profit booking throughout the session, driving DSEX just over 4,100 points level,’ IDLC Investments said in its daily market commentary.
‘Investors’ recent enthusiasm over Banks dominated the bourse today [Wednesday],’ it said.
IDLC also said that ‘consequently, bank [banking sector] gained 5.09 per cent contrary to decline in almost all the major sectors.’
Of the 284 shares and mutual funds traded on the day, 127 advanced, 138 declined and 19 remained unchanged.
UCB led the turnover chart as its shares worth Tk 14.03 crore changed hands.
BEXIMCO, IFIC Bank, Generation Next Fashions, Heidelberg Cement, Titas Gas Transmission and Distribution Company, Argon Denims, Envoy Textile Mills, City Bank and Active Fine Chemicals Industries were among the day’s other turnover leaders.
IFIC Bank gained the most on Wednesday as the price of its shares increased by 9.18 per cent, while Dhaka Electric Supply Company lost the most, 11.50 per cent.
-With New Age input
