DSEX crosses 5,500-mark amid post-Eid optimism

Dhaka,  Fri,  21 July 2017
Published : 20 Jun 2017, 21:56:53
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DSEX crosses 5,500-mark amid post-Eid optimism

Turnover hits one-month high on prime bourse
FE Report


Stocks extended the winning spell for the second day in a row Tuesday with key index of the prime bourse crossing the 5,500-mark again as pre-Eid sale pressure faded away.

Analysts said the market passed a bullish vibe as pre-Eid sale pressure subdued while optimistic investors took position on some large-cap stocks amid post-Eid positive expectation.

Only two trading sessions are left before Eid vacation as trading and official activities will remain closed from June 23 in line with the government holidays.

The market started with an upward note and the upbeat momentum continued till end of the session with no sign of reversal. Finally it added more than 48 points.

DSEX, the prime index of the Dhaka Stock Exchange (DSE) finished at 5,527, advancing 48.40 points or 0.88 per cent over the previous day.

"The market passed a bullish session with price appreciation across the board," commented IDLC Investment, a merchant bank, in its regular market analysis.

The merchant bank noted that bullish vibe also attracted investors from the sideline and the total turnover, including Tk 0.9 billion worth of block trade, reached to Tk 6.45 billion, the highest in one month.

The two other indices also finished marginally higher. The DS30 index, comprising blue chips advanced 16.64 points or 0.82 per cent to finish at 2050. The DSE Shariah Index (DSES) rose 10.51 points or 0.83 per cent to close at 1,273.

Turnover, another important indicator of the market, crossed Tk 6.0 billion-mark and amounted to Tk 6.45 billion, which was 19 per cent higher than the previous day's Tk 5.41 billion.

Textile sector kept its dominance in turnover chart for the fourth straight session, capturing more than 21 per cent of the day's total turnover value, followed by bank 16 per cent and pharmaceuticals 15 per cent.

International Leasing Securities, a stockbroker, said, "Stocks witnessed a sharp rise in its benchmark index amidst increased participation from the investors".

The stockbroker noted that there are only two trading sessions left before Eid vacation and opportunist investors took position on sector specific large-cap stocks amid post-Eid positive expectation.

The large-cap stocks especially from textile, bank, fuel & power and cement sectors contributed sharply to the upswing in indices and lead the index to cross over 5,500 points, said the stockbroker.

The port city bourse, the Chittagong Stock Exchange (CSE), also closed higher with its Selective Categories Index - CSCX -advancing 71.38 points to settle at 10,341.

Gainers beat losers as 168 issues closed higher, 59 closed lower and 16 remained unchanged on the CSE.

The port city bourse traded 12.18 million shares and mutual fund units' worth Tk 482 million in turnover.

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