Dhaka stocks bounced back strongly on Monday as 95.45 per cent traded stocks gained on the day amid investors’ optimistic participation following a post-budget
briefing by the Dhaka Stock Exchange in the previous day.
DSEX, the key index of the Dhaka Stock Exchange, advanced by 3.19 per cent, or 124.01 points, to close at 4,006.83 points on the day.
The DSEX plunged by 3.60 per cent on Sunday as an immediate negative reaction to the budgetary measures proposed by the finance minister AMA Muhith who had withdrawn the scope of legalising undisclosed money in stocks by paying only 10 per cent tax.
Market operators said investors’ confusion over the proposed budget for the next fiscal year led the market fall on Sunday, but investors became optimistic after the DSE’s briefing.
The DSE president Rakibur Rahman said that investors should not worry about the scrapping of the scope of legalising undisclosed money as the facility given in the last two years had little impact on the capital market.
The participation of the institutional investors and foreign investors on Monday was another reason for the day’s gain, said market operators.
The old key index of DSE, DGEN, closed at 4,266.62 points on Monday, gaining 3.21 per cent or 133.02 points.
The DGEN declined by 177.02 points in the last two trading sessions after gaining 415.61 points in the previous eight.
‘The fall in indices on Sunday was due to various comments on the proposed budget which puzzled investors. But investors started to participate on Monday as they found nothing negative for the market in the budget,’ Union Capital chief executive officer Akter Hossain Sannamat told New Age.
The blue-chip index of the bourse, DS30, finished at 1,496.89 points, advancing by 3.66 per cent or 52.98 points on the day.
The DS30 declined by 54.99 points in the last two trading sessions after gaining 140.31 points in the previous eight.
‘After a disappointing start of the week, market made a comeback today over turnaround expectations supported by natural correction. With prices cooling off a bit over last two sessions, fresh positioning increased today as lucrative prices lured in investors. The aftermath was a steady rise throughout the session, reinforcing investors’ optimism regarding investment outlook,’ IDLC Investments said in its daily market commentary.
The turnover of the bourse increased to Tk 473.44 crore from the previous trading session’s Tk 431.74 crore.
Of the 286 issues traded on the day, 273 advanced, nine declined, and four remained unchanged.
Unique Hotel led the turnover chart on the day with its shares worth Tk 30.85 crore changing hands.
Unique Hotel gained the most on the day, by 9.97 per cent, while National Life Insurance was the worst loser by losing 25.91 per cent.
-With New Age input