Dhaka stocks rise sharply as financial scrips soar

Dhaka stocks soared on Tuesday, extending the gaining streak to three sessions as investors increased their investments, especially in the financial scrips, amid optimism that the market situation would be better after national polls.
DSEX, the key index of Dhaka Stock Exchange, advanced by 0.92 per cent, or 48.87 points, to close at 5,345.42 points on Tuesday.
The DSEX gained 58.2 points in last three sessions.
The DSEX started rising from the very beginning of the day and climbed more firmly as the session progressed as investors increased their investments, especially in the financial scrips in an expectation that the market situation would be better after national polls, market operators said.
The 11th parliamentary elections are scheduled for December 30.
The financial sector led the surge on Tuesday as share prices of non-bank financial institution and bank increased by 1.5 per cent and 1.4 per cent respectively.
Out of the 30 traded bank scrips, 27 advanced and three remained unchanged and out of the 23 traded NBFIs, 21 advanced, just one declined and one remained unchanged.
Stockbrokers said a section of investors found it lucrative to inject funds in the market when it was bearish.
Investors anticipated that the market would be better with an increase fund flow from institutional investors, they said.
Average share prices of cement, textile and telecommunication advanced by 5.1 per cent, 1.1 per cent and 0.5 per cent respectively.
The textile sector continued leading the turnover chart on Tuesday by holding 28 per cent of the day’s turnover.
Share prices of GlaxoSmithKlin Bangladesh soared by 6.25 per cent on Tuesday as the media reported on the day that the company declared to sell 82 per cent of its total stakes to Uniliver for Tk 1,604 crore.
The turnover on DSE increased to Tk 683.48 crore on Tuesday compared with that of Tk 549.86 crore in the previous trading session.
A section of investors were also assessing the political developments ahead of the national polls and their possible impact on the financial sectors, market operators said.
Average share prices of energy and food sectors declined by 0.11 per cent and 0.1 per cent respectively.
‘The market opened higher and maintained the upbeat note till the end of the session as investors remained positive and injected fresh funds for taking position in sector specific stocks,’ said EBL Securities in its daily market commentary.
Of the 336 companies and mutual funds traded on Tuesday, 211 advanced, 85 declined and 45 remained unchanged.
DSE blue-chip index DS30 also gained 0.77 per cent, or 14.41 points, to close at 1,870.37 points.
Shariah index DSES added 0.78 cent, or 9.60 points, to finish at 1,234.95 points.
Square Pharmaceuticals led the turnover leaders with its shares worth Tk 18.25 crore changing hands.
Advent Pharmaceuticals, Saiham Cotton, Pacific Denims, United Power Generation Company, Silva Pharmaceuticals, Simtex Industries, ML Dyeing, Sonali Aansh Industries and Khulna Power Company were the other turnover leaders.
Sonali Aansh Industries gained the most on the day with an 11.64-per cent increase in its share prices, while Monno Jute Stafflers was the worst loser, shedding 5.76 per cent.
Source: http://www.newagebd.net

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