Saturday, June 22, 2024

Stocks end week upbeat

Dhaka stocks gained for the sixth trading session on Thursday as the benchmark general index, DSEX, hit a three and half months’ high thanks to the role played by the large capitalised companies.
The DSEX increased to 4,200.80 points on Thursday, the last trading session of the week, adding 2.16 per cent, or 88.84 points. It was the highest since 4223.61 points recorded on July 18.
The DSEX has now gained in all but one session in the last two weeks, adding 436.92 points during the period, after declining to 3,763.88 points on October 21.
DS30, the blue-chip index of the bourse, increased by 1.26 per cent, or 18.17 points, to finish at 1,453.32 points on Thursday.
The turnover of the bourse increased to Tk 473.89 crore from the previous session’s Tk 390.19 crore.
Thursday’s turnover was the highest since Tk 521.33 crore recorded on September 23.
Market operators said some institutional investors along with the government entities kept the market up while retail investors were active as well.
The recent market trend shows that a syndicate of investors is trying to bubble up the market. As far as the economic and political sectors are concerned, there had not been much positive news, but the market keeps going up. The investors should approach the situation cautiously, they observed.
Banking sector was the most popular sector on the day as its shares around Tk 100 crore changed hands while gaining 3.48 per cent.
‘Continuous gain in indices as well as healthy level of activities solidified investors’ confidence and drove DSEX over psychological level of 4,200 points, for the first time in last three and a half months,’ IDLC Investments said in its daily market commentary.
‘In line with previous sessions, bank [banking sector] captured the biggest share of turnover, crossing Tk 100 crore mark for the first time in 2013,’ it also said.
Of the 289 shares and mutual funds traded, 221 advanced, 52 declined and 16 remained unchanged.
Grameenphone led the turnover chart as its shares worth Tk 22.68 crore changed hands on Thursday.
IFIC Bank, First Lease Finance and Investment, Generation Next Fashions, City Bank, Mercantile Bank, Active Fine Chemical Industries, BEXIMCO, Delta Life Insurance and Envoy Textile Mills were the day’s other turnover leaders.
First Lease Finance and Investment gained the most on the day as the price of its shares increased by 9.89 per cent, while National Polymer lost the most, 10.95 per cent.

-With New Age input

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