Dhaka stocks extend rally to 11th day

Dhaka stocks on Sunday kept soaring for 11th session to close at 7-month high with the turnover on the bourse marching past Tk 1,000 crore again as investors continued to inject funds after the national polls.
DSEX, the key index of Dhaka Stock Exchange, soared by 1.72 per cent, or 96.53 points, to close at 5,687.00 points on Sunday. 
DSEX gained 469 points in last 11 sessions — before and after the national polls.
The core index hit seven-month high after May 6, 2018 when it was at 5,694.27 points.
Market operators said that stocks continued to soar in last few days as investors were hoping for better in returns in 2019 after a turbulent year in which the national elections were also held.
The market recovered Tk 25,190 crore in market capitalisation in the 11-day rally after losing Tk 44,878.44 crore in market capitalisation in 2018 (till December 17).
The turnover on the bourse soared to Tk 1,026.76 crore on Sunday compared with that of Tk 924.90 crore in the previous trading session.
The market was bullish throughout the session as investors rushed to invest in the capital market amid political ease after the general elections.
The investors regained confidence over the market after results of the December 30 elections where the Awami League-led ruling alliance secured a landslide victory in the polls, tainted by frauds and rigging, while the opposition alliance could not launch any movement against the rigging.
In the national polls, the Awami League-led ruling alliance won 288 seats while the opposition alliance led by Bangladesh Nationalist Party secured just seven.
Market operators said a number of businesspersons linked with certain listed companies were elected members of parliament in the elections that encouraged investors to buy the shares of those companies.
The upward trend at the market (9 per cent gain in last 11 days) also gave a boost to the investors’ confidence, they said.
Besides, investors expected that the market would be better as the strategic partner of DSE, a Chinese group of Shenzhen and Shanghai stock exchanges would support the market to improve, they said.
The market witnessed the longest winning streak after September, 2016 when the DSEX gained for 12 consecutive sessions.
The financial sector led the surge on the day.
Out of the 30 traded bank scrips, 28 advanced, one declined and one remained unchanged while out of the 23 NBFIs, 20 advanced three declined on the day.
Of the 336 companies and mutual funds traded on Sunday, 265 advanced, 62 declined and 19 remained unchanged.
DSE blue-chip index DS30 increased by 1.65 per cent, or 32.10 points, to close at 1,974.09 points.
Shariah index DSES added 1.88 cent, or 23.98 points, to finish at 1,295.34 points.
BBS Cables led the turnover leaders with its shares worth Tk 31.07 crore changing hands on the day.
Paramount Textile, Bangladesh Export Import Company, VFS Thread Dyeing, BRAC Bank, Dragon Sweater, Khulna Power Company, United Power Generation Company, Intech Limited and Olympic Industries were the other turnover leaders.
Janata Insurance gained the most on the day with a 10-per cent increase in its share prices, while Sonargaon Textile was the worst loser, shedding 6.72 per cent.
Source: http://www.newagebd.net

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