Dhaka stocks gained on Wednesday after an eight-day fall as investors went for bargain hunting focusing on engineering and cement sectors.
The key index of the Dhaka Stock Exchange, DSEX, finished at 4,410.63 points, adding 1.08 per cent or 47.13 points on the day. The DSEX had lost 213 points in the previous eight trading sessions.
On Wednesday, engineering and cement sectors gained 4 per cent and 3.8 per cent respectively.
Market operators said engineering and cement sectors drew investors’ attention after the government on Tuesday had allocated Tk 8,100 crore for the Padma Multipurpose Bridge Project in the new Annual Development Programme for the fiscal year 2014-2015.
Investors also became optimistic as the Chamber Judge of Appellate Division will hear today the appeal made by the Bangladesh Securities and Exchange Commission challenging a High Court verdict on a BSEC directive, market operators said.
The HC on May 14 declared illegal the BSEC directive issued on November 22, 2011 that had asked sponsor-directors of listed companies to individually hold minimum 2 per cent shares of the paid-up capital of their respective companies.
The Appellate Division of the Supreme Court, however, on May 15 stayed the HC verdict.
On Wednesday, S Alam Cold Rolled Steels gained the most with its share price increasing by 9.79 per cent.
GPH Ispat, Premier Cement, Meghna Cement, Appollo Ispat, Confidence Cement, Aramit Cement, Summit Alliance Port and Global Heavy Chemicals were among the other gainers.
DS30, the blue-chip index of the bourse, advanced by 0.93 per cent, or 14.79 points, to close at 1,604.61 points.
The Shariah index of the DSE, DSES, closed at 982.64 points, adding 1.10 per cent or 10.76 points.
Turnover of the bourse increased to Tk 271.35 crore on Wednesday from Tk 196.79 crore in the previous trading session.
Of the 288 shares and mutual funds traded on the day, 201 advanced, 53 declined and 34 remained unchanged.
‘Yesterday’s [Wednesday] low volume indicated investors’ disagreement on current low price level of scrips on the bourse, which created a stimulus for the witty participants to move in and take early positions,’ IDLC Investments said in its daily market commentary.
Resultantly, market was quite bullish from early in the morning, it said.
Square Pharmaceuticals led the turnover leaders with its shares worth Tk 19.90 crore changing hands.
Lafarge Surma Cement, Meghna Petroleum, Hwa Well Textiles, BSRM Steel, Grameenphone, Active Fine Chemicals Industries, Heidelberg Cement, EHL and Matin Spinning were among the other turnover leaders.
-With New Age input
