Stocks rally for second straight day

Dhaka,  Sat,  03 December 2016
Published : 01 Dec 2016, 21:58:32 | Updated : 01 Dec 2016, 21:58:58

Stocks rally for second straight day

Transaction jumps 27pc on premier bourse
Stocks rally for second straight day
FE Report


Stocks finished higher Thursday for the two sessions in a row, with increasing turnover, as large-cap stocks continued to get investors attention amid growing confidence.

Market insiders said spontaneous participation backed by hopes and excitements coupled with steady capital market scenario lured the investors to inject fresh fund on stocks, taking the market turnover above Tk 8.0 billion again.

The market started with an optimistic note and the upbeat trend persistent till the end of the session with no sign of reversal amid increased participation from the investors.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 21.78 points or 0.45 per cent to settle at 4,823.02, which was the highest level of DSEX since October 6 last year, when DSEX was 4,833.33.

The two other indices also closed higher. The DS30 comprising blue chips soared 12.36 points or 0.69 per cent to finish at 1,787.69. The DSE Shariah Index (DSES) advanced 8.92 points or 0.78 per cent to close at 1,149.51.

Investors remained very enthusiastic on investing and eventually activities surged to Tk 8.03 billion again, which was 27 per cent higher than the previous day's turnover of Tk 6.31 billion.

Engineering continued to lead the turnover chart, capturing 22 per cent of the day's total turnover value, followed by textile 13 per cent and fuel and power 9.0 per cent.

EBL Securities, a stockbroker, said, "The capital market witnessed a shining session and edged in higher note amidst investors' optimism".

"Opportunity hunter investors opted for position taking and robust buoyancy kept market positive significantly throughout the session," said the stockbroker.

The stockbroker noted that buying pressure in cement, engineering and pharmaceuticals sectors contributed significantly to the surge in indices.

Positive sentiment and optimistic expectation among investors about forthcoming period have resulted in third largest turnover of the year and largest prime indices within last fourteen months by the end of the day, the stockbroker said.

LankaBangla Securities, a stockbroker, said, "Bull continued to resonate the market after hitting the benchmark index above 4,800 level in the previous day and the market is moving towards the 4,870 resistance level steadily amidst strong liquidity".

Major sectors showed mixed performance. Cement posted the highest gain of 2.40 per cent, followed by engineering 1.64 per cent, pharmaceuticals 0.54 per cent, telecommunication 0.33 per cent and fuel and power 0.31 per cent.

Banking sector faced 0.27 per cent correction, followed by non-bank financial institutions 0.16 per cent and food and allied 0.08 per cent.

The gainers took a modest lead over the losers as out of 323 issues traded, 149 closed higher, 123 closed lower and 51 remained unchanged on the DSE trading floor.

Following the green nod to raise limestone, Lafarge Surma Cement continued to top turnover chart with about 6.14 million shares of Tk 486 million changing hands, closely followed by Shasha Denims, Bangladesh Building Systems, The Peninsula Chittagong and Ratanpur Steel Re-rolling Mills.

Shasha Denims was the day's highest gainer, posting a 10 per cent gain, while Kohinoor Chemicals was the worst loser, slumping by 16.69 per cent following price adjustment after record date.

The port city bourse, the Chittagong Stock Exchange (CSE), also closed higher with its Selective Categories Index - CSCX - advancing 36.51 points to settle at 9,023.26 points.

Gainers beat losers as 124 issues closed higher, 91 closed lower and 39 remained unchanged on the CSE.

The port city bourse traded 20.40 million shares and mutual fund units' worth over Tk 536 million in turnover.

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