Stocks edge up for second session

Dhaka,  Sun,  04 December 2016
Published : 23 Nov 2016, 22:03:17

Stocks edge up for second session

FE Report


Stocks edged higher for the second consecutive session on Wednesday with substantial  increase in turnover value as enthusiastic investors remained active on sector-specific stocks.

Analysts said the favorable macro-economic indicators as well as recent positive trend of the capital market attracted the cheerful investors to take position on the stocks.

After hitting a year-high just the previous day, the market started with an upward note and the upbeat trend persisted till the end of the session amid higher participation of investors, ultimately ending with 15 points higher.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 15.15 points or 0.32 per cent to settle at 4,765.36, which was the highest level of DSEX since October 13 last year, when the DSEX was 4,779.66.

LankaBangla Securities, a stockbroker, said, "DSEX continued to see strong buying interest as promising market fundamentals and cues of institutional buying prompted investors to hold on buying spree".

However, two other indices faced some sort of correction. The DS30 comprising blue-chips saw a fractional loss of 0.13 point to settle at 1,764.06. The DSE Shariah Index (DSES) also lost 0.48 point or 0.04 per cent to close at 1,129.19.

The total turnover on the DSE jumped to Tk 14.78 billion after more than five years since July 28, 2011, when turnover was Tk 18.05 billion. It was 125 per cent higher than the previous day's turnover of Tk 6.56 billion.

Fuel and power sector emerged as the turnover leader, holding 60 per cent of the day's total turnover value as KPCL grabbed 56 per cent alone, followed by banks 6.30 per cent and textiles 5.90 per cent.

"The market participation has increased significantly by the block trade of Tk 8.28 billion of KPCL share that resulted into 125 per cent upsurge in the market turnover," said EBL Securities, a stockbroker, in its regular market analysis.

"The market rallied for the two consecutive sessions amongst investors' vibrant participation," said Asian Tiger Capital Partners, an asset management company, in an analysis.

The large-cap sectors showed largely positive performance. Banks posted the highest gain of 0.78 per cent, followed by NBFIs 0.13 per cent, telecommunication 0.04 per cent, food and allied 0.07 per cent and fuel and power remained flat.

Pharmaceuticals and engineering lost 0.18 per cent and 0.17 per cent respectively.

The gainers took a modest lead over the losers as out of 321 issues traded, 161 closed higher, 120 closed lower and 40 remained unchanged on the DSE trading floor.

National Tubes dominated the DSE turnover chart with 1.44 million shares worth Tk 173 million changing hands, followed by AB Bank, Beximco, Doreen Power Generations and Systems and Golden Harvest Agro Industries.

Generation Next Fashion was the day's best performer, posting a gain of 9.72 per cent following its dividend recommendation news, while National Tubes was the worst loser, slumping by 9.62 per cent.

The port city bourse, the Chittagong Stock Exchange (CSE), finished marginally higher with its Selective Categories Index- CSCX - advancing 33.92 points to settle at 8,827.28 points.

Gainers beat losers as 135 issues closed higher, 93 closed lower and 29 remained unchanged on the CSE.

The port city bourse traded 25.26 million shares and mutual fund units' worth nearly Tk 486 million in turnover.

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