DSE turnover hits four-month high
Dhaka stocks advanced for the sixth trading session on Wednesday as the turnover hit a four-month high thanks to increased investors’ participation following rumours that the central bank might relax provisioning rules for the banks. The turnover of the Dhaka Stock Exchange soared to Tk 889 crore from that of the previous session’s Tk 787.92 crore.Wednesday’s turnover was the highest since Tk 986.78 crore recorded on July 17.
The benchmark general index of the DSE, DSEX, finished the day at 4,439.59 points, getting 1.32 per cent, or 58.22 points, stronger than Tuesday’s record high of 4381.37 points.
The DSE had launched the DSEX with 4055.90 points on January 28 under the free float method.
DS30, the blue-chip index of the bourse, advanced to 1,556.88 points, adding 1.70 per cent, or 26.11 points.
It was the highest value for the DS30 since 1,551.97 points recorded on February 14.
The investors increased their participation on the trading floor following rumours that the Bangladesh Bank might give the banks another year to meet its provisioning rules, said market operators.
Support from the state-owned entities to boost the market at the fag end of the present government’s tenure might be another reason behind the sharp rise in shares prices, they added.
Foreign investors have also increased their participation on the trading floor, which also boosted the turnover of the bourse, said the operators.
‘Leaving sector specific movements behind, the market has entered into a time of market wide
surge, driving stock
prices to envious levels,’ IDLC Investments said in its daily market commentary.
‘Although, it is too soon to tell, whether the market has returned to its natural rhythm, for which investors have been waiting for years, it is certain that with DSEX crossing 4,400 points level for the first time ever and around Tk 900 crore turnover today [Wednesday], the rally is intensely encouraging for investors and alluring for additional funds,’ it also said.
Of the 287 shares and mutual funds traded on the day, 215 advanced, 54 declined and 18 remained unchanged.
Grameenphone led the turnover chart as its shares worth Tk 41.57 crore changed hands on the day.
Rupali Life Insurance Company gained the most as the price of its shares increased by 9.97 per cent, while Northern Jute Manufacturing Company lost the most, 9.47 per cent.
-With New Age input
