Stocks extend gaining streak to 3rd day

Image: Bizbangladesh.net
Dhaka stocks gained marginally on Sunday to extend the gaining streak to the third session as a section of investors went for profit taking while the others kept buying shares amid the government moves to stabilise the market.

DSEX, the key index of the Dhaka Stock Exchange, advanced by 0.31 per cent, or 14.31 points, to close at 4,528.20 points on Sunday.

The index gained 120 points in the last three sessions and advanced by 490 points in the last eight sessions with just a negative day.

The market was negative at the beginning on Sunday but rebounded in the middle of the session and closed with a marginal gain as investors were active from both sides of the trading fence, market operators said.

They said that a section of investors went for profit-taking share sales while the others kept buying shares amid expectations that the market would rebound amid various moves from the government and the Bangladesh Bank.

After an increase in share price of most of the companies in recent rally, investors preferred to bag some quick profits, they said.

Market operators said a section of investors might be waiting to see how the government implemented its initiatives for the market recovery.

The central bank may create a Tk 10,000-crore refinancing fund for providing loans on easy terms to address the liquidity dearth on the capital market.

The BB took the initiative after a meeting of policymakers in presence of prime minister Sheikh Hasina at her office in Dhaka on January 16 made a six-point proposals, emphasising an increase in fund flow to the market.

The meeting proposed that the government should create mechanisms for ensuring increased participation of banks and non-bank financial institutions, expanding capacity of Investment Corporation of Bangladesh and providing funds to market intermediaries.

Earlier, BB governor Fazle Kabir on a couple of occasions said that the central bank would extend whatever support it needed to revive the stock market.

Besides, top brasses of four state-run banks at a meeting held on January 16 agreed to increase investment on the capital market following the government directions to do so.

The turnover on the DSE dropped to Tk 474.14 crore on Sunday from Tk 514.39 crore in the previous trading session. Out of the 356 scrips traded on Sunday, 150 advanced, 158 declined and 48 remained unchanged.

DSE blue-chip index DS30 added 0.15 per cent, or 2.43 points, to close at 1,545.85 points.

Shariah index DSES, however, dropped by 0.02 per cent, or 2.43 points, to end at 1,035.22 points.

LafargeHolcim Bangladesh led the turnover chart with its shares worth Tk 35.23 crore changing hands on the day.

SS Steel, ADN Telecom, Square Pharmaceuticals, Khulna Power Company, National Tubes, Paramount Textile, Khulna Power Company, National Tubes, Paramount Textile, Bangladesh Submarine Cable Company, Pioneer Insurance and National Polymer were the other turnover leaders.

Global Heavy Chemicals gained the most on the day with a 9.91-per cent increase in its share prices while Vanguard AML BD Finance Mutual Fund One performed the worst, losing 7.01 per cent.
Source: https://www.newagebd.net

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