Dhaka stocks rebound as financial scrips, GP regain ground

Dhaka stocks rebounded on Monday after a fall in the previous session as investors went for bargain hunting targeting bank scrips and Grameenphone after their recent fall.
DSEX, the key index of Dhaka Stock Exchange, advanced by 0.72 per cent, or 41.52 points, to close at 5,755.79 points on Monday after losing 31.56 points in the previous session.
The key index began to rise from the very beginning of the day’s trading and climbed more firmly as the session progressed as investors went for bargain hunting targeting mainly financial scrips and GP, market operators said.
They said investors had been reluctant to invest in the banking sector for few weeks as the media reported that the banking sector was about to face liquidity crunch due to shortage of deposits.
However, a section of investors went for buying financial scrips on Monday as lower prices of the stocks encouraged the investors to purchase those, market operators 
said.
The average share prices of bank and NBFI advanced by 2.03 per cent and 0.65 per cent respectively.
Out of the 30 traded bank scrips, 23 advanced, just three declined and three remained unchanged while out of the 23 NBFIs, 17 advanced, just two declined and four remained unchanged.
Among the large capitalised scrips, share prices of Grameephone and BRAC Bank soared by 3.06 per cent and 5 per cent respectively on Monday. The rise in the prices of the companies’ shares raised the DSEX by 30 points on the day.
The turnover on the bourse increased to Tk 718.24 crore on Monday from Tk 580.70 crore in the previous trading session.
‘The core index opened bullish and remained positive for the whole session as investors went for bargain hunting targeting financial scrips after a recent fall in the share prices of banks and non-bank financial institutions,’ said EBL Securities in its daily market commentary.
The average share prices of textile, engineering and energy sectors dropped by 0.74 per cent, 0.62 per cent and 0.55 per cent respectively.
Out of the 345 issues traded on the day, 166 declined, 137 advanced and 42 remained unchanged.
DSE blue-chip index DS30 advanced by 0.99 per cent, or 19.96 points, to close at 2,016.74 points.
Shariah index DSES added 0.56 per cent, or 7.37 points, to finish at 1,319.95 points.
Square Pharmaceuticals led the turnover leaders with its shares worth Tk 48.90 crore changing hands on the day.
Monno Ceramics, Khulna Power Company, Bangladesh Submarine Cable Company, Grameenphone, United Power Generation Company, BRAC Bank, Eastern Insurance and Fortune Shoes were the other turnover leaders.
ICB AMCL Second Mutual Fund gained the most on the day with a 7.22-per cent increase in its share prices while Imam Button was the worst loser, shedding 9.18 per cent.
Source: http://www.newagebd.net

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