Stocks extend gaining streak to 8th day

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Dhaka stocks soared for the eighth day on Tuesday with the turnover hitting a three-month high as investors continued buying shares amid hopes that the upcoming national budget would be capital market friendly.

DSEX, the key index of Dhaka Stock Exchange, gained 0.81 per cent, or 44.38 points, to close at 5,475.98 points on Tuesday.

The index gained 223 points in last eight sessions ahead of the national budget to be placed by finance minister AHM Mustafa Kamal before parliament tomorrow.

The market started rising from the very beginning on Tuesday and climbed more strongly as the session progressed as investors increased share buying amid budget-centric expectations, market operators said.

They said that the media reported in recent weeks that there would be some incentives for the capital market that attracted attention of investors.

Following a prolonged volatility at the market, Mustafa Kamal last month announced that the government would provide some incentives in the FY 2019-20 budget for the capital market.

Investors’ interest in sector-specific scrips which might get increased attention in the budget also fuelled the price hike of the scrips, said market operators.

EBL Securities in its daily market commentary said, ‘The capital bourse of the country maintained its upward trend today [Tuesday] following growing confidence among investors ahead of the budget declaration.’

‘Investors are expecting incentives for the capital market in the upcoming budget. Also, the probability of government giving the opportunity to legalise undisclosed money for investment in the industrial sectors boosted investors’ confidence,’ it 
said.

The turnover at the bourse increased to Tk 578.68 crore on Tuesday from Tk 484.89 crore in the previous session.

The average share prices of telecommunication sector advanced by 2.2 per cent, that of textile by 0.8 per cent, that of bank by 0.6 per cent and that of energy by 0.58 per cent.

Tuesday’s turnover hit a three-month high as the turnover was Tk 585 crore on March 14 this year. Out of the 351 shares and mutual funds traded, 224 advanced, 75 declined and 53 remained unchanged. DS30, the blue-chip index of DSE, advanced by 1.06 per cent, or 20.15 points, to close at 1,921.83 points.

DSE Shariah index DSES added 1.01 per cent, or 12.51 points, to close at 1,244.54 points. United Power Generation Company led the turnover chart with its shares worth Tk 29.59 crore changing hands.

JMI Syringe, BBS Cables, Square Pharmaceuticals, Khulna Power Company, Bangladesh Shipping Corporation, BRAC Bank, Eastern Housing, New Line Clothings and Doreen Power were the other turnover leaders.

Quasem Industries gained the most on the day with a 9.94-per cent increase in its share prices while Vanguard AML BD Finance Mutual Fund One was the worst loser, shedding 6.32 per cent.
Source: http://www.newagebd.net

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