Stocks extend winning streak for second day

Dhaka,  Sun,  24 September 2017
Published : 22 Aug 2017, 21:38:29
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Stocks extend winning streak for second day

Turnover jumps 29pc on premier bourse
Stocks extend winning streak for second day
FE Report


Stocks extended the winning streak for the two consecutive sessions Tuesday with rising turnover as investors continued to show their buying appetite on sector-wise stocks.

Dealers said the market closed higher as pre-Eid sale pressure somewhat subdued as only seven trading days are left before Eid-ul-Azha vacation while some investors remained active on sector-specific issues amid optimism.

Following the previous day's moderate gain, the market opened with a positive note which continued till end of the session with no sign of reversal, finally ended more than 18 points higher.

DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), which replaced the DGEN in four-and-a-half-year back, settled at 5,862, advancing 18.22 points or 0.31 per cent over the previous session.

"Stocks witnessed another upbeat session as the optimistic investors went on buying spree on lucrative stocks," commented International Leasing Securities, a stockbroker, in its regular market analysis.

The stockbroker noted that the buying interest stimulated the sector specific issues, especially from food, engineering, financial institution and power sectors amid optimism while the shaky investors booked profit on bank, mutual fund and telecom sectors.

The two other indices also closed higher. The DS30 index, comprising the blue-chips, advanced 5.46 points or 0.26 per cent to finish at 2,103 points. The DSE Shariah Index (DSES) gained 5.06 points or 0.38 per cent to close at 1,307 points.

Turnover, another important indicator of the market, stood at Tk 9.78 billion, which was 29 per cent higher than the previous day's turnover of Tk 7.58 billion.

IDLC Investments, a merchant bank, said, "The gaining trail extended as market closed in positive territory for the two consecutive sessions".

The merchant bank noted that the market participation rejuvenated with total turnover amounting to Tk 9.78 billion which was 29 per cent higher than that of the last session.

Engineering sector emerged as turnover leader, grabbing 25 per cent of the day's total turnover, followed by banks 14 per cent and pharmaceuticals 13.5 per cent.

Block transaction contributed Tk 229 million to the day's total turnover where stocks like GrameenPhone, IFIC Bank, IDLC Finance, Premier Bank and ACI dominated the block trade board.

A total number of 0.156 million trades were executed in the day's trading session with trading volume of 263.17 million securities.

The total market capitalisation of the DSE also rose to Tk 3,967 billion, which was Tk 3,955 billion in the previous session.

The port city bourse, the Chittagong Stock Exchange (CSE), also closed higher with its Selective Categories Index - CSCX - advancing more than 29 points to settle at 11,007 points.

Gainers beat losers as 144 issues closed higher, 82 closed lower and 33 remained unchanged on the CSE.

The port city bourse traded 19.72 million shares and mutual fund units' worth Tk 722 million in turnover.

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