Key index hits 12-month high on buying spree

Dhaka,  Tue,  06 December 2016
Published : 22 Nov 2016, 21:50:00

Key index hits 12-month high on buying spree

Key index hits 12-month high on buying spree
FE Report


Stocks finished higher on Tuesday with the key index of the country's premier bourse hitting the high of more than 12 months, powered by the investors' buying spree, especially on the financial stocks.

Analysts said the market finished on a gaining streak being supported by financial stocks as favorable macro-economic indicators coupled with prevailing upbeat trend of the market lured the investors to take fresh position.

The bourses opened with an upward note and continued the upturn till the end of the session without any major fluctuation - ultimately closing above 28 points higher.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 28.80 points or 0.61 per cent to finish at 4,750.21, which was the highest point since October 13, 2015 when the index was 4,779.66.

The DSE Shariah Index (DSES) advanced 2.22 points or 0.19 per cent to close at 1,129.68. However, the DS30 comprising the blue-chips fell 1.10 points or 0.06 per cent to settle at 1,764.20.

Turnover, the important indicator of the market, also improved to Tk 6.56 billion, which was 7.54 per cent higher than the previous day's turnover of Tk 6.10 billion.  It was also the highest transaction since September 29 when the turnover reached Tk 6.82 billion.

Banking sector emerged as the turnover leader, holding 15.4 per cent of the day's total turnover value, followed by textiles 13.2 per cent and engineering 12.6 per cent.

International Leasing Securities, a stockbroker, said, "The investors' sentiment regarding the market remained optimistic as some selective stocks, especially from general insurance, bank, textile and telecom sectors attracted the investors most."

"Investors are on buying spree as they remained optimist after disclosure of the first quarter earnings from listed corporations," said EBL Securities, a stockbroker, in its market analysis.

Asian Tiger Capital Partners, an asset management index, was on the charge Tuesday and surged through to the highest level in more than a year's time.

The asset manager noted that the session started with a sharp gain which remained almost unchanged up until the closure in continuation of prevailing upbeat trend of the market following the completion of earnings declaration season.

Sector specific large-cap and mid-cap stocks were also in the buyers radars. The large-cap sectors showed largely positive performance. Banking sector posted the highest gain of 1.61 per cent, followed by telecommunication 0.99 per cent, NBFIs 0.76 per cent, food and allied 0.76 per cent and fuel and power 0.35 per cent.

Pharmaceuticals posted the highest loss of 0.16 per cent followed by engineering 0.12 per cent.

Gainers took a strong lead over losers as out of 319 issues traded, 176 closed higher, 97 closed lower and 46 remained unchanged on the DSE trading floor.

Besides, the port city bourse the Chittagong Stock Exchange (CSE) finished higher with its Selective Categories Index - CSCX - advancing 44.09 points to settle at 8,893.36 points.

Gainers beat losers as a total of 125 issues closed higher, 85 closed lower and 39 remained unchanged on the CSE.

The port city bourse traded 16.11 million shares and mutual fund units worth nearly Tk 368 million in turnover.

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