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Stocks keep gaining on budget hope

FE Online Report | Published: June 10, 2019 16:01:06 | Updated: June 12, 2019 12:03:42


Stocks extended the gaining Monday, with turnover hitting one month high, as investors continued to show their buying appetite on large-cap stocks amid budgetary expectations.

Market analysts said stocks kept gaining amid investors’ expectations that the upcoming budget would extend incentives to the capital market.

Finance Minister A H M Mustafa Kamal is set to place the national budget for the fiscal year (FY) 2019-20 on Thursday next.

The market opened on upbeat note and the positive trend sustained until end of the session amid modest volatility.

At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), settle at 5,431, gaining 28.62 points or 0.52 per cent over the previous session.

Two other indices also closed higher. The DS30 index, comprising blue chips, advanced 12.63 points to finish at 1,901 and the DSE Shariah Index gained 11.94 points to close at 1,232.

Turnover, another important indicator of the market, also rose to one month high to Tk 4.84 billion, which was 59 per cent higher than the previous session’s turnover of Tk 3.04 billion.

A total number of 119,481 trades were executed in the day’s trading session with trading volume of 131.13 million securities.

The market capitalisation of the DSE rose to Tk 3,990 billion on Monday, from Tk 3,967 billion in the previous session.

The gainers took a modest lead over the losers as out of 351 issues traded, 210 advanced, 102 declined and 39 issues remained unchanged on the DSE trading floor.

United Power topped the turnover chart with 649,517 shares worth Tk 234 million changing hands.

The other turnover leaders were Khulna Power, BRAC Bank, BATBC and National Life Insurance Company.

Safko Spinning Mills was the day’s best performer, posting a gain of 9.69 per cent while AIBL First Mutual Fund was the worst loser, losing 9.75 per cent.

The port city bourse, Chittagong Stock Exchange, also ended higher with its CSE All Share Price Index – CASPI –gaining 95 points to settle at 16,614 and the Selective Categories Index - CSCX –advancing 58 points to finish at 10,063.

Here too, the gainers beat losers, as 151 closed higher, 67 ended lower and 25 remained unchanged on the CSE trading floor.

The port city bourse traded 23.86 million shares and mutual fund units worth Tk 771 million in turnover.

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