Dhaka stocks gained for the straight fifth trading session on Sunday as investors went for buying after the opposition party in the previous day announced that it would not go for tough action against the government at the moment.
According to media reports, the Bangladesh Nationalist Party took the decision in its national standing committee meeting.
Turnover of the Dhaka Stock Exchange also increased to Tk 449.43 crore from the previous trading session’s Tk 351.24 crore.
The DSE benchmark general index, DSEX, finished at 4,033.77 points, advancing by 1.26 per cent or 50.30 points.
The DSEX again crossed 4,000-point mark on Sunday after it had remained below the mark for 11 trading sessions.
DS30, the blue-chip index of the DSE, advanced by 1.54 per cent, or 23.35 points, to finish at 1,538.30 points.
The DSEX and DS30 gained 200.24 points and 97.39 points respectively in the last five trading sessions.
‘The Bangladesh Nationalist Party on Saturday said that it would not go for tough action against the government now. The announcement made investors optimistic as they thought that the political situation might became stable in the coming days,’ Bangladesh Merchant Bankers Association president Mohammad A Hafiz told New Age.
‘Following the remark made by the opposition party, investors increased their participation on the trading floor and that was the reason for the positive trend in the market,’ Hafiz said.
‘If the political situation remains cool in the coming days, it will obviously be positive for the capital market,’ he said.
Merchant bankers said investors were hopeful that the government would not take any steps that would be harmful for the capital market ahead of the general elections.
Investors remain positive as they are also expecting that the government would release fund to implement refinance scheme for the small-scale investors affected by the market crash, said the merchant bankers.
Of the 288 shares and mutual funds traded on the day, 198 advanced, 73 declined, and 17 remained unchanged.
‘With a total surge of 200.24 points in the last five sessions, DSEX made robust movement and crossed 4,000-point level after 11 sessions. As a result, market positively resumed with natural buy pressure,’ IDLC Investments said in its daily market commentary.
‘Demand push and investors’ portfolio rebalancing relying on company fundamentals were the prevalent factors in today’s session,’ it also said.
Bangladesh Submarine Cable Company led the turnover leaders on the day with its shares worth Tk 34.72 crore changing hands.
Meghna Petroleum, United Airways, Padma Oil, Square Pharmaceuticals, Olympic Industries, Tallu Spinning, Grameenphone, Titas Gas and Jamuna Oil were also among the turnover leaders.
Mithun Knitting gained the most on the day as its share price increased by 9.98 per cent, while Bangas was the worst loser, shedding 36.05 per cent.
-With New Age input
