Stocks continue to gain for 12th session

Dhaka,  Monday,   2016-09-22
Published : 22 Sep 2016, 21:45:10

Stocks continue to gain for 12th session

Trading on bourses opens tomorrow
FE Report


Stocks witnessed yet another positive session Thursday, extending the gaining spell for the 12th session in a row as investors remained active on sector-specific issues.

Meanwhile, trading will remain open on the bourses on Saturday (September 24) in line with all government offices, including financial institutions, DSE said in a statement.

Analysts said the uptrend in the market with increased turnover reflected growing enthusiasm among the investors.

The market opened mixed, but gradually went up before ending marginally higher as some enthusiastic investors became active especially on telecommunication and financial stocks.

DSEX, the prime index of Dhaka Stock Exchange (DSE), finished at 4,665.35, advancing 5.20 points or 0.11 per cent, which is more than eight months high level of DSEX.

DSEX added about 142 points or 3.11 per cent in the past 12 consecutive sessions.

LankaBangla Securities, a stockbroker, said, "After opening the morning session with directionless movement, market showed modest gain in the afternoon and moved sideways for rest of the trading session."

It noted that few large-cap stocks saw profit booking while financial stocks supporting the market.

Yeakin Polymer, the newly listed issue, was in buyers' radar becoming the turnover leader on the first day of the trading, said the stockbroker.  

The DSE Shariah Index (DSES) also advanced 2.34 points or 0.21 per cent to close at 1,120.49. However, the DS30 comprising blue chips fell 2.43 points or 0.14 per cent to settle at 1,771.02.

Turnover, the important indicator of the market, came down to Tk 5.55 billion, which was 9.61 per cent lower than the previous day's eight month's high value of Tk 6.14 billion.

Engineering sector remained the turnover leader, capturing 21 per cent of the day's total turnover value, followed by fuel and power and pharmaceuticals, grabbing 16 per cent and 11 per cent respectively.

Asian Tiger Capital Partners, an asset management company, said, "The week ended positive as rally continued for 12 consecutive sessions, while the market advanced by 1.4 per cent over the week, reflecting investors' buoyant participation after Eid festival."

"The market witnessed some volatility as risk-averse investors booked quick-profit, while optimistic investors were active on sector specific stocks," said International Leading Securities, a stockbroker.

The large-cap sectors showed mixed performances. The telecommunication sector posted the highest gain of 1.12 per cent, followed by fuel and power 0.46 per cent.

Non-bank financial institutions and banks also gained 0.50 per cent and 0.26 per cent respectively.

Engineering sector posted the highest loss of 0.88 per cent, followed by food and allied 0.11 per cent and pharmaceuticals lost 0.01 per cent.

The losers took a modest lead over the gainers as out of 323 issues traded, 147 closed lower, 129 closed higher and 47 remained unchanged on the DSE.

Yeakin Polymer, making it debut, dominated the DSE turnover chart with shares worth nearly Tk 288 million changing hands, followed by United Power, LankaBangla Finance, Bangladesh Submarine Cable Company and Shahjibazar Power.

Renwick Jajneswar was the day's best performer, posting a rise of 7.49 per cent, while Keya Cosmetics was the worst loser, slumping by 12.71 per cent following its price adjustment after record date.

The port city bourse, the Chittagong Stock Exchange (CSE) also finished slightly higher with its Selective Categories Index - CSCX - advancing 16.37 points to settle at 8,727.36 points.

Gainers beat losers as 129 issues closed higher, 103 closed lower and 29 remained unchanged on the CSE.

The port city bourse traded 12.17 million shares and mutual fund units worth over Tk 410 million in turnover.

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