Stocks gain on bargain hunting after 3-day fall

Dhaka stocks gained on Monday after a three-day fall as investors, encouraged by strong foreign portfolio investment data, went for bargain hunting especially from bank and energy sectors.
DSEX, the key index of Dhaka Stock Exchange, advanced by 0.46 per cent, or 26.73 points, to close at 5,828.07 points on Monday after losing 123 points in the previous three sessions.
Market operators said the market was upbeat from the very beginning of the day and ended positive as investors went for bargain hunting especially from bank and energy sectors.
They said that after booking profits in the previous three sessions, investors moved to take fresh position regarding sector-specific scrips amid optimism.
The positive net foreign investment at DSE after three months of negative run also drew attention of some investors, they said.
The foreign investors bought shares worth Tk 495.19 crore in January against their sales of shares worth Tk 319.90 crore with the net investment standing at Tk 175.29 crore, according to the DSE data.
A significant fall in profits of some of the large capitalised companies like Investment Corporation of Bangladesh and ACI for the July-December period dampened the investors’ mood in the previous three days, market operators said.
They also said that the monetary policy statement for the second half (January-June) of this fiscal year might not have met expectations of a section of investors.
On Monday, the energy and bank sectors gained 2.51 per cent and 0.49 per cent respectively.
Besides, telecommunication, cement and non-bank financial institution also advanced by 1.77 per cent, 1.46 per cent and 0.14 per cent respectively.
Among the prominent scrips, Grameenphone, United Power Generation Company, Powergrid Company and Titas Gas helped the index rebound on the day.
Average share prices of life insurance, general insurance and food dropped by 6.45 per cent, 0.71 per cent and 0.21 per cent respectively that capped the gain on the day.
Share prices of United Power Generation Company advanced by 1.88 per cent to cross Tk 400 mark as the company declared a 44.8-per cent profit growth for July-December, 2018 compared with that in the same period of 2017.
The turnover on DSE dropped to Tk 889.05 crore on Monday compared with that of Tk 984.21 crore in the previous trading session.
Of the 336 companies and mutual funds traded on Monday, 155 declined, 150 advanced and 42 remained unchanged.
DSE blue-chip index DS30 added 0.71 per cent, or 14.36 points, to close at 2,018.20 points.
Shariah index DSES gained 0.59 per cent, or 7.85 points, to finish at 1,319.23 points.
United Power Generation Company led the turnover leaders for the second day with its shares worth Tk 60 crore changing hands on Monday.
Bangladesh Submarine Cable Company, Khulna Power Company, Singer Bangladesh, Meghna Petroleum, Baraka Power, Monno Ceramics and Bangladesh National Insurance Company were the other turnover leaders.
Dulamia Cotton gained the most on the day with an 8.51-per cent increase in its share prices, while Global Insurance was the worst loser, shedding 10 per cent.
Source: http://www.newagebd.net

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