Stocks gain for 4th day

Image: Bizbangladesh.net
Dhaka stocks gained for the fourth consecutive day on Wednesday as investors kept buying shares amid budget-centric expectations.
DSEX, the key index of Dhaka Stock Exchange, advanced by 0.47 per cent, or 25.43 points, to close at 5,354.19 points on Wednesday.
The index gained 102 points in last four sessions.

The market started rising from the very beginning of the day’s session and kept the positive momentum until the end of the session as investors continued buying shares amid expectations surrounding the national budget for the next fiscal year, market operators said.
Finance minister AHM Mustafa Kamal is scheduled to place in parliament the national budget for FY 2019-20 on June 13.

Earlier, Kamal pledged that there would be many incentives for the stock market in the upcoming budget. Market operators said that a section of investors continued buying undervalued shares hoping that the market might turn around after Eid holidays.

The market will remain closed for nine days (May 31-June 8) due to Eid-ul-Fitr holidays and weekly holidays. Most of the investors were reluctant to sell shares as they could not get their sales proceeds before the start of the Eid holidays, market operators said.

EBL Securities in its daily market commentary said, ‘The capital bourse of the country exhibited rally for the fourth consecutive session as investors’ optimism soared prior to Eid-ul-Fitr holidays.’ The core index remained upward throughout the session as enthusiastic behaviour from investors sustained and they kept buying fresh stocks to rebalance their portfolios on lucrative price level in sector specific stocks, it said.

The average share prices of bank sector advanced by 0.8 per cent, pharmaceuticals by 0.52 per cent, energy by 0.5 per cent and non-bank financial institution by 0.49 per cent. Out of the 346 shares and mutual funds traded, 174 advanced, 117 declined and 56 remained unchanged.

The market has been facing a downward trend for four months due to volatility in the financial market. The market has been struggling to rebound from the continuous fall as the financial sector is going through a severe fund shortage that affected the capital market.

The financial sector remained volatile with fund crisis, huge bad loans, increased lending rate and pressure of exchange rate.
Turnover at the bourse decreased to Tk 332.97 crore from Tk 403.13 crore in the previous session.

New Line Clothings, which made its debut on the stock exchange on Sunday, led the turnover chart on Wednesday with its shares worth Tk 14.28 crore changing hands on the day.
Source: http://www.newagebd.net

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