Dhaka stocks gain for 2nd day on new year hope

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Dhaka stocks gained for the second on Sunday as a section of investors continued with bargain hunting in the hope that the market might turn around at the beginning of the new year while the others remained cautious on the trading floor.

DSEX, the key index of Dhaka Stock Exchange, gained 0.34 per cent, or 15.10 points, to close at 4,433.94 points on Sunday after adding 28.16 points in the previous session.

Before the two-day gain, the DSEX lost 66 points in three sessions.

The market started gaining at the very beginning on Sunday and maintained the vibe till the end of the session as a section of investors kept bargain hunting, market operators said.

They said that some investors anticipated that the market might turn around at the beginning of the new year, a trend seen in the last couple of years.

They said that the share prices of most of the companies dropped significantly in 2019, which became an opportunity for investors to buy stocks at low prices.

The market lost more than 1,500 points in last 11 months’ rout that eroded almost Tk 80,000 crore in market capitalisation.

The media report that finance minister AHM Mustafa Kamal would hold a meeting with the DSE board on January 2 to discuss the current market situation also drew attention of some investors, market operators said.

At the meeting, the DSE will place a proposal over improving the market situation, DSE officials said.

Market experts said a volatile financial sector amid increasing non-performing loans in banks kept the country’s stock market bearish in 2019.

Depressing economic reports, sales by the foreign investors and lack of confidence in the regulatory body were others reasons for the sluggishness, they said.

Turnover on the DSE declined to Tk 300.77 crore on Sunday from Tk 305.06 crore in the previous trading session.

Out of the 343 scrips traded on Sunday, 163 advanced, 125 declined and 65 remained unchanged.

DSE blue-chip index DS30 advanced by 0.22 per cent, or 3.37 points, to close at 1,512.33 points on the day.

Shariah index DSES also added 0.21 per cent, or 2.18 points, to end at 997.08 points.

National Life Insurance Company led the turnover chart with its shares worth Tk 10.88 crore changing hands on the day.

Standard Ceramics, Daffodil Computers, Prime Bank, Khulna Power Company, Ring Shine Textiles, Sinobangla Industries, Bank Asia, SK Trims Industries and Anlima Yarn Dyeing were the other turnover leaders.

Yeakin Polymer gained the most on the day with a 9.8-per cent increase in its share prices while Al-Haj Textiles performed the worst, losing 9.94 per cent.
Source: http://www.newagebd.net

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