Dhaka stocks continued to rise for the sixth trading session on Wednesday with the bourse’s key index reaching new high since its launch last year as investors became positive amid easing of the tensions on the political front, market operators said. They said an expectation that Bangladesh Bank would announce a relaxed monetary policy and an anticipation that the market would surge as the Awami League-led alliance formed government for a fresh term also made investors busy.
The benchmark general index of Dhaka Stock Exchange, DSEX, increased by 0.87 per cent, or 39.19 points, to close at 4,494.02 points, highest since its launch at 4,090.47 points on January 28, 2013.
DS30, the blue-chip index of the bourse, gained 0.76 per cent, or 12.04 points, to close at 1,583.13 points.
Market operators said investors became optimistic after the Awami League-led alliance formed government for the third time (successive two terms) as in the previous two terms of its government the stock market witnessed bubble.
The abnormal rise in the share prices ended in crash — one in 1996 and another in 2010-11, they said.
‘Most of the investors are now anticipating another surge in the share prices as AL-led alliance formed new government,’ said a market operator.
He, however, said the upward trend might not sustain if the political unrest flares up again.
‘At the moment the rise looks short-term one,’ he said.
The DSEX gained 198 points and the DS30 78 points in the last six sessions.
The turnover of the bourse increased to Tk 693.01 crore from the previous session’s Tk 650.68 crore.
Of the 187 issues traded on the day, 197 advanced, 75 declined and 15 remained unchanged.
Non-bank financial institutions sector was the highest gaining sector on Wednesday, advancing by 1.63 per cent, followed by pharmaceuticals that gained 1.61 per cent.
Banks gained 0.70 per cent, power 0.12 per cent while telecommunication lost 0.69 per cent.
Apollo Ispat was the highest traded stock on Wednesday with its shares worth Tk 32.53 crore changing hands.
The other turnover leaders were Lafarge Surma Cement, Olympic, Square Pharmaceuticals, UCBL, Golden Son, Bengal Windsor Thermoplastics, LankaBangla Finance, SPPCL and Confidence Cement.
-With New Age input
