Stocks extend winning spell for 10 days

Dhaka,  Monday,   2016-09-20
Published : 20 Sep 2016, 21:42:29

Stocks extend winning spell for 10 days

Engineering, pharma, power shares attract investors
FE Report


Stocks witnessed yet another positive session on Tuesday, extending the winning streak for the 10 sessions in a row as enthusiastic investors remained active on sector specific stocks.

Analysts said the market finished higher for ten consecutive sessions with substantial participation from the investors indicates growing enthusiasm among the investors.

A leading broker said the market remained vibrant following the news that some foreign organisations and local businesses have shown interest to invest in the premier bourse to become the strategic partners of the DSE.

The market started with an optimistic mood and the positive vibe sustained till the end of the session with some minor corrections in the mid-session, ultimately ended nearly 13 points higher.  

DSEX, the prime index of the DSE, finished at 4,639.13, advancing 12.95 points or 0.28 per cent, which is eight-month high of DSEX since January 21. DSEX added nearly 116 points or 2.55 per cent in the past 10 consecutive sessions.

"The market upheld the rally in benchmark index while stocks showed mixed performance," said LankaBangla Securities, a stockbroker, in its regular market analysis.

"Investors' participation was vibrant and went for churning their position in portfolio," said the stockbroker.

The stockbroker noted that bank stock saw profit booking throughout the trading session while selective stocks of fuel and power, engineering and telecommunications led the market to move upward.

The two others in indices also closed higher. The DS30 comprising blue chips advanced 6.67 points or 0.38 per cent to settle at 1,770.35. The DSE Shariah Index (DSES) gained 6.30 points or 0.56 per cent to close at 1,116.11.

Turnover, the important indicator of the market, remained above Tk 5.0 billion level and the total turnover amounted to Tk 5.36 billion, which was 0.74 per cent higher than the previous day's Tk 5.40 billion.

Pharmaceuticals sector remained the turnover leader, capturing 22 per cent of the day's total turnover value, followed by engineering and fuel and power, grabbing 17 per cent and 13 per cent respectively.

IDLC Investments, a merchant bank, said, "Turnover activities remained hefty as investors were enthusiastic on pharmaceuticals sector".

Asian Tiger Capital partners, an asset management company, said, "The market extended its gaining streak for ten consecutive sessions as investors are optimistic before earnings declaration season".

The large-cap sectors showed mixed performances. Engineering posted the highest gain of 1.12 per cent, followed by fuel and power 0.77 per cent, pharmaceuticals 0.67 per cent, telecommunications 0.30 per cent and non-bank financial institutions 0.13 per cent.

Food and allied posted the highest loss of 0.97 per cent, followed by banks 0.60 per cent.

The gainers took a strong lead over the losers as out of 321 issues traded, 155 closed higher, 116 closed lower and 50 remained unchanged on the DSE trading floor.

Square Pharmaceuticals dominated the DSE turnover chart with over 1.38 million shares worth nearly Tk 372 million changing hands, followed by ACME Laboratories, Singer Bangladesh, Shahjibazar Power Company and Bangladesh Shipping Corporation.

Renwick Jajneswar was the day's best performer, posting a 7.49 per cent rise while Modern Dyeing was the worst loser, slumping by 8.07 per cent.

The port city bourse, the Chittagong Stock Exchange (CSE), also finished higher with its Selective Categories Index- CSCX - advancing 31.12 points to settle at 8,688.22 points.

Gainers beat losers as 129 issues closed higher, 80 closed lower and 37 remained unchanged on the CSE.

The port city bourse traded 8.79 million shares and mutual fund units worth over Tk 295 million in turnover.

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