Stocks gain for 4th day on energy, financial scrips
Dhaka stocks advanced on Wednesday, extending the gaining streak to four consecutive sessions, as investors increased their stakes in energy and financial scrips.
Market operators said investors were buying shares as the prices of many scrips came down to more than a-year lows with the Dhaka Stock Exchange’s key index, DSEX, losing more than 4 per cent or 231 points in the month of September amid political worries ahead of the national election.
On Wednesday, DSEX added 0.77 per cent, or 41.72 points, to close at 5,422.65 points. The key index gained 80 points in last four sessions.
The market opened bright, gaining 50 points within half an hour of the day and maintained the trend till the end of the session as investors kept buying shares, especially financial and energy stocks, market operators said.
The average share prices of energy, bank and non-bank financial institution sectors advanced by 2.0 per cent, 1.91 and 1.9 per cent respectively on Wednesday.
Out of the 30 traded bank scrips, 26 advanced, just one declined and three remained unchanged while out of the 23 traded NBFIs, 19 advanced, just two declined and two remained unchanged on the day.
The share prices of textile and cement also gained on the day.
Market operators said investors moved to make fresh investments in the bearish market to maximise their profits.
‘Optimistic investors left their cautious stance mood and spurred buying binge in sector-specific stocks especially from bank, fuel and power and financial institution sectors to reshuffle their portfolios,’ said EBL Securities in its daily market commentary.
The market began to rise from the first day of the current week after the Bangladesh Securities and Exchange Commission had assured the market intermediaries that it would take necessary steps to keep the market stable.
The market intermediaries on September 27 held a meeting with BSEC officials and discussed the overall market situation ahead of the national election due by January next year.
The average share prices of engineering, pharmaceuticals and telecommunication sectors dropped by 0.4 per cent, 0.12 per cent and 0.1 per cent respectively on Wednesday.
The turnover on DSE advanced to Tk 563.67 crore on Wednesday compared with that of Tk 488.40 crore in the previous trading session.
Of the 336 companies and mutual funds traded on Wednesday, 170 advanced, 112 declined, and 56 remained unchanged.
DS30, the blue-chip index of DSE, also added 0.35 per cent, or 6.79 points, to close at 1,899.46 points.
Shariah index DSES increased by 0.52 per cent, or 6.46 points, to finish at 1,247.75 points.
Khulna Power Company led the turnover chart with its shares worth Tk 55.77 crore changing hands.
United Power Generation Company, IFAD Autos, Dragon Sweater, Active Fine Chemicals, VFS Thread Dyeing, Intech Limited, Shasha Denims, National Life Insurance and Legacy Footwear were the other turnover leaders.
BD Finance gained the most on the day with a 10-per cent increase in its share prices, while Western Marine Shipyard was the worst loser, shedding 16.53 per cent.
Source: http://www.newagebd.net