Stocks break losing spell

Dhaka,  Fri,  22 September 2017
Published : 16 May 2017, 22:10:00
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Stocks break losing spell

Turnover rises 4.65pc on premier bourse
FE Report


Stocks finished marginally higher Tuesday, snapping a week-long losing streak with improving turnover value, as investors went for buying mood at available attractive prices of stocks.

Analysts said after a week-long fall of about 117 points, many stocks came to a lucrative price level, which encouraged investors to take fresh position anticipating short-term rally.

"Positive earnings declarations by most of the listed banks also acted as persuading force in the day's session," said an analyst at a leading brokerage firm.

Out of 30 listed banks, consolidated earnings per share (EPS) of 19 banks rose while 11 declined in January-March quarter of this year compared to the same period of the previous year.

The market opened with a positive note and the key index of the prime bourse rose around 30 points within first 45 minutes of trading, but profit booking in the mid-session eroded most of the early gains, finally ended 7.62 points higher.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 5,435.68, advancing 7.62 points or 0.14 per cent, after shedding about 117 points in the past seven consecutive sessions.

"The prime index surged backed by the issues from fuel and power, textile and bank sector stocks," commented EBL Securities, a stockbroker, in its regular market analysis.

Fuel and power led in terms of gains which advanced 1.0 per cent, among the major sectors, followed by textile 0.85 per cent and banks 0.60 per cent.

The stockbroker noted that the market started with upward tune when opportunistic investors opted to take position on stocks majority from power, textile and bank sectors.

"This trend reversed in the mid-session while risk-averse investors spurred their selling spree to book quick-gain on stocks mostly from telecommunication and financial institutions sectors, but managed to close marginally up".

However, the other two indices failed to get out of the downtrend. The DS30 index, comprising blue chips, fell 4.55 points or 0.22 per cent to finish at 1,998. The DSE Shariah Index (DSES) lost 1.18 points or 0.09 per cent to close at 1258.

The port city bourse, the Chittagong Stock Exchange (CSE), also edged up after seven day with its Selective Categories Index - CSCX - advancing 3.59 points to settle at 10,202 points.

Gainers beat losers as 108 issues closed higher, 92 closed lower and 40 remained unchanged on the CSE.

The port city bourse traded 10.38 million shares and mutual fund units' worth over Tk 333 million in turnover.

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