Stocks extend gain for 10th days amid growing confidence

FE Online Report | Published: January 03, 2019 15:52:08 | Updated: January 06, 2019 10:28:48


Daily trade turnover on Dhaka Stock Exchange (DSE) hit four months on Thursday as investors put fresh stakes on stocks amid growing confidence after peaceful national election.

Turnover, a crucial indicator of the market, stood at Tk 9.25 billion on the country’s premier bourse, climbing further by 33 per cent over previous day’s mark of Tk 6.96 billion.

It happens to be the biggest single-day transaction in the last four months since September 13, in the outgoing calendar year, when the turnover totaled a record Tk 10.64 billion.

Market-insiders said investor enthusiasm sustained as local and foreign investors remained active on the market amid optimism, taking the market turnover to a four-month high.

They said the investors took a fresh position expecting better days ahead riding on political stability and more sound business activities as the election held almost peacefully.

Continuing the previous nine days’ gaining streak, the market started with a positive vibe and the upward trend continued till end of the session with no sign of reversal.

Finally, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 94.03 points or 1.71 per cent to settle at four months high level at 5,590.

DSEX added more than 372 points in the past 10 consecutive sessions.

The two other indices ended higher. The DS30 index, comprising blue chips, advanced 29 points to finish at 1,942 and the DSES (Shariah) index soared 21.55 points to settle at 1,271.

A total number of 212,095 trades were executed in the day’s trading session with trading volume of 269.48 million shares and mutual fund units.

The market-cap of DSE increased to Tk 3,978 billion which was Tk 3,929 billion in the previous day.

Of the 345 issues traded, 303 closed higher, 33 ended lower and 09 issues remained unchanged on the DSE trading floor.

Saiham Cotton Mills dominated the day’s turnover chart with shares worth Tk 333 million changing hands, closely followed by Beximco, BBS Cables, Paramount Textile and United Power.

However, the junk stocks dominated the gainers chart with Savar Refractories was the day’s best performer with a 9.99 per cent gain.

Sonargoan Textile was the day’s worst loser, shedding 4.80 per cent.

The port city bourse—CSE—also ended higher with the CSE All Share Price Index – CASPI – soaring 302 points to settle at 17,166 while the Selective Categories Index – CSCX –rising 173 points to finish at 10,367.

Here too, the gainers beat the losers as 237 issues closed higher, 26 ended lower and 12 remained unchanged.

The port city bourse traded 18.52 million shares and mutual fund units worth Tk 702 million in turnover.

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