Dhaka stocks rally for 3rd day

Dhaka stocks advanced for the third trading session on Monday with turnover hitting its highest in 48 days as investors became optimistic following the government’s move to refinance the merchant banks and brokerage firms to implement compensation scheme for
small-scale investors affected by the stock market crash in 2010.The turnover of the Dhaka Stock Exchange increased to Tk 295.40 crore, highest since February 27 this year when the turnover was Tk 324.58 crore. On Sunday, the DSE turnover was Tk 261.14 crore.
The benchmark index of the DSE, DSEX, finished at 3679.83 points, advancing by 1.09 per cent or 40.03 points on the day.
The DSEX gained 162.92 points in the last three trading sessions.
Market operators said investors started to regain their confidence following the government’s move to refinance the merchant banks and brokerage firms to implement the compensation scheme for the small-scale investors.
The sustainability of the upward run now depends on the release of the fund by the Bangladesh Bank, they said.
The turnout of investors was high compared to that in the recent trading sessions, they said.
The old key index of the bourse, DGEN, advanced to 3,875.82 points, increasing by 1.54 per cent or 59.07 points on Monday.
The DGEN in the last three trading sessions advanced by 171.48 points after a bear-run in the previous three weeks.
DS30, the blue-chip index of the bourse, increased by 1.29 per cent, or 17.39 points, to finish at 1,360.62 points.
The DS30 advanced by 77.89 points in the last six trading sessions.
‘Q1 expectations driven movements continued to dominate the bourse, as 21 out of the 29 stocks with more than 5 per cent changes had earnings declarations recently. Budgetary expectations also seemed to pull in investors to the market,’ IDLC Investments said in its daily market commentary.
Of the 277 issues traded on Monday, 181 advanced, 84 declined, and 12 remained unchanged.
Orion Pharma topped the turnover leaders on the day with its shares worth Tk 14.76 crore changing hands.
Green Delta Insurance led the gainers’ list as its shares price increased by 10 per cent.
ACI Limited was the worst loser on the day as its share prices declined by 18.45 per cent.

-With New Age input

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