Stocks gained marginally yesterday, as institutional investors became active to make fresh investments in the market. DGEN, the benchmark General Index of the Dhaka Stock Exchange, finished the day at 4,477.31 points, after gaining 24.43 points or 0.54 percent.
Institutional investors went on a buying spree as the economic indicators became favourable, enabling them to take a fresh position in the market, said analysts.
Small investors also gained some confidence to take new investment decision, they said.
The day in the premier bourse began with a bull run that sustained only a few minutes and then reverted into correction.
“However, as the day progressed, an intermittent bull run was observed that helped offset the selling pressure by the investors,” said Green Delta LR Holdings in an analysis.
Against the backdrop of the current market condition, retail investors’ confidence increased to some extent, the stockbroker said.
“While profit-taking motive keeps the selling pressure up, improved sentiment seems to offset the pressure as investors shift positions between sectors and stocks,” said IDLC Investments.
In addition, the continued upbeat momentum has attracted the previously inactive investors to the bourse, which seems to support recently increased activity, the merchant bank said.
Turnover rose 18.80 percent to Tk 642 crore, compared to the previous day. A total of 1.40 lakh trades were executed with 11.87 crore shares and mutual fund units changing hands on the Dhaka bourse.
Of the 269 issues traded on the DSE, 152 advanced, 94 declined and 23 remained unchanged.
The power sector experienced a significant rise in turnover and rose by 2.52 percent, primarily driven by high participation in state-owned power companies, said IDLC.
Textile rose 3.9 percent, and non-bank financial institutions 2.43 percent. On the other hand, banks lost 1.36 percent and life insurance 1.13 percent.
Titas Gas featured in the top traded stocks’ chart for the second day with 83.95 lakh shares worth Tk 73.93 crore changing hands.
Meghna Petroleum and Jamuna Oil, both from the power sector, were the next popular stocks of the day.
Fifth ICB Mutual Fund, managed by Investment Corporation of Bangladesh, was the biggest gainer of the day, posting a rise of 9.40 percent. The Grameen One: Scheme Tow Mutual Fund, managed by Aims, was the worst loser, plunging by 14.38 percent.
Courtesy of The Daily Star
