Dhaka stocks continue record-breaking rally

FE Online Report | Published: August 30, 2017 16:33:46 | Updated: October 22, 2017 02:13:42


Dhaka stocks continued to break their previous records, as the core index of the prime bourse climbed a new high for the third consecutive session on Wednesday, spurred by fresh buying of banking shares.

 

DSEX, the prime index of the Dhaka Stock Exchange (DSE), which replaced the DGEN in four-and-a-half-years back, continued to keep its momentum, gaining by 25.44 points more to settle at an all-time high of 5,974 points.

 

It was the highest level of DSEX since its inception.

 

The country’s premier bourse launched the DSE Broad Index (DSEX) on January 27, 2013 with a base point of 4,055.90, replacing the DSE General Index (DGEN).

 

However, DGEN, the then key index of the DSE, rose to an all-time high at 8,918 points on December 5, 2010, when the market was bullish before crashing.

 

Along with the core index, the total market capitalisation of the DSE also rose to a record high at Tk 4,007 billion, surpassing the previous high of Tk 3,999 billion recorded on the previous day.

 

The two other indices -- the DS30 index and the DSE Shariah Index (DSES) -- followed the suit to close at 2,127 and 1,319 points, after gaining 1.68 points and 3.38 points respectively.

 

Dealers said stocks extended their record-breaking rally as investors continued to show their appetite for buying some large-cap stocks, especially banking issues, anticipating a positive momentum in post-Eid trading sessions.

 

After witnessing volatility in the first half of the session, the later half saw a steadily rise as bank shares attracted investors. Finally the key index of the major bourse closed more than 25 points higher.

 

Turnover, the important indicator of the market, came down to Tk 8.04 billion, 13 per cent lower than the previous day’s Tk 9.25 billion.

 

There are only one trading session to go before start of the Eid-ul-Azha vacation.

 

Gainers outpaced losers as out of 329 issues traded, 142 gained, 136 declined and 51 remained unchanged on the DSE trading floor.

 

LankaBangla Finance led the DSE turnover chart with about 7.36 million shares worth Tk 435 million changing hands, followed by AB Bank, IFIC Bank, Al-Arafa Islami Bank and Bangladesh Building Systems.

 

CMC Kamal was the day’s highest gainer, posting 6.45 per cent gain while First Finance was the worst loser -- shedding 7.25 per cent following the news that its annual general meeting (AGM) was stayed by the court for two months.

 

The port city bourse -- Chittagong Stock Exchange (CSE), also finished higher with its Selective Categories Index -- CSCX -- advancing more than 50 points to settle at 11,207.

 

Gainers beat losers as 123 issues closed higher, 100 lower and 28 remained unchanged on the CSE.

 

The port city bourse traded 22.77 million shares and mutual fund units worth more than Tk 634 million.

 

babulfexpress@gmail.com

Share if you like