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Telecom, power, engineering, banking sector gain most

Stocks keep gaining riding on GP


FE Report | Published: November 28, 2019 11:19:21 | Updated: November 30, 2019 10:27:20


Stocks witnessed yet another positive session Wednesday, extending the gaining streak for the third straight day, as investors showed their appetite on selective large-cap issues.

The market opened on upward note and the key index soared 42 points in the mid-session. But rest of the session eroded most of the early gains.

DSEX, the prime index of the Dhaka Stock Exchange, went up by 8.04 points or 0.17 per cent to settle at 4,730.

Market analysts said optimistic investors were active on selective issues like Grameenphone and LafargeHolcim, as their shares became lucrative following the recent sharp correction.

Grameenphone (GP), which is the largest company by capital, rose 4.47 per cent to close at Tk 316.40, adding 29 points alone to the DSEX Wednesday, after facing sharp correction.

Five large-cap stocks - GP, LafargeHolcim, United Power, Doreen Poiwer and Beximco Pharma contributed 38 points DSEX rise, said a leading broker.

Two other indices also ended higher. The DS30 index, comprising blue chips, gained 11.53 points to finish at 1,646 and the DSE Shariah Index rose 6.73 points to close at 1,081.

Turnover, a crucial indicator of the market, also rose to Tk 5.64 billion, which was 0.71 per cent higher than the previous day's turnover of Tk 5.60 billion.

It was also the highest single-day turnover in two months since September 30, when turnover totaled Tk 5.95 billion.

EBL Securities said stocks kept gaining riding on Grameenphone's price appreciation.

According to International Leasing Securities, active presence of the bargain hunters on telecom, cement and power sectors' stocks helped the index to close higher.

Telecommunication sector booked the highest gain of 4.28 per cent, after recent sharp fall, followed by power with 0.31 per cent, engineering 0.21 per cent, and banking 0.04 per cent.

The financial institutions saw the highest loss of 0.43 per cent, followed by pharmaceuticals 0.28 per cent and food 0.26 per cent.

Losers, however, took a modest lead over the gainers as out of 349 issues traded, 189 closed lower, 118 ended higher and 42 remained unchanged on the DSE trading floor.

A total number of 150,229 trades were executed in the day's trading session with trading volume of 215.78 million shares and mutual fund units.

The market-cap of the DSE rose to Tk 3,571 billion on Wednesday, from Tk 3,551 billion in the previous session.

LafargeHolcim Bangladesh topped the turnover chart with shares worth Tk 448 million changing hands, followed by square Pharma, Sonar Bangla Insurance, Fortune Shoes and Beximco Pharma.

LafargeHolcim was the best performer, posting a gain of 9.71 per cent while Nahee Aluminum was the worst loser, losing 11.87 per cent following its price adjustment after record date.

The port city's bourse, the Chittagong Stock Exchange, also ended higher with its All Shares Price Index (CASPI)-advancing 65 points to close at 14,380 and the Selective Categories Index - CSCX -gaining 38 points to finish at 8,735.

Here too, losers beat gainers as 111 issues closed lower, 109 ended higher and 25 remained unchanged on the CSE.

The port city bourse traded 12.08 million shares and mutual fund units worth nearly Tk 266 million in turnover.

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