Stocks gain on bargain hunting, turnover hits 2-month high
Image collected
Dhaka stocks advanced on Tuesday with the turnover hitting a two-month high as investors went for buying shares of banks, non-bank financial institutions and textile companies after the recent price fall.
DSEX, the key index of Dhaka Stock Exchange, added 0.61 per cent, or 28.68 points, to close at 4,722.30 points on Tuesday after gaining 5.19 points in the previous session.
The market started rising from the very beginning on Tuesday and maintained the momentum until the end of the session as investors went for buying shares of textile companies, banks and NBFIs, market operators said.
They said that share prices of most of the companies came down to the bottom level after relentless fall in the share prices that attracted a section of investors to the scrips.
The DSEX lost more than 1,200 points in last 10 months.
The average share prices of textile, NBFI and bank sectors advanced by 2.6 per cent, 3.6 per cent and 1.2 per cent respectively.
Out of the 30 traded bank issues, 22 advanced, six declined and two remained unchanged while out of the 22 NBFIs, 20 advanced, one declined and one remained unchanged.
Investors’ participation soared on the day, hitting a two-month high after September 30.
Turnover on the DSE advanced to Tk 560.36 crore on Tuesday from Tk 444.07 crore in the previous day.
Share prices of some of the large capitalised companies including Square Pharmaceuticals, Grameenphone, BRAC Bank, British American Tobacco declined on the day.
Share prices of Grameenphone lost Tk 23 in last three sessions.
The Supreme Court on Sunday ordered Grameenphone to pay Tk 2,000 crore out of Tk 12,580 crore in audit claim to the Bangladesh Telecommunication Regulatory Commission in three months.
Besides, poor financial disclosers by many listed companies disheartened investors.
The DSE sent 10 companies to the ‘Z’ category as the companies failed to declare dividends for the year ended June, 2019.
EBL Securities in its daily market commentary said that the DSEX was jacked up by price appreciation of bank, NBFI and textile sectors on Tuesday.
It said the index witnessed a steep rise amid investors’ buying spree on sectors-specific stocks at lucrative price level.
LafargeHolcim Bangladesh in a web post said that the High Court Division of the Supreme Court of Bangladesh passed its judgment approving the scheme of amalgamation of Holcim Cement (Bangladesh) Limited with LafargeHolcim Bangladesh Limited.
Out of the 336 scrips traded on Tuesday, 184 advanced, 133 declined and 33 remained unchanged.
DSE blue-chip index DS30, however, shed 0.06 per cent, or 1.05 points, to close at 1,634.79 points.
Shariah index DSES also declined by 0.13 per cent, or 1.39 points, to end at 1,075.24 points.
National Tubes led the turnover chart with its shares worth Tk 13.44 crore changing hands on Tuesday.
City Bank, Kattali Textile, LankaBangla Finance, Beacon Pharmaceuticals, Premier Bank, Sonar Bangla Insurance, Meghna Petroleum, Dutch-Bangla Bank and SK Trims Industries were the other turnover leaders.
Saiham Textile Mills gained the most on the day with a 9.94-per cent increase in its share prices while Emerald Oil performed the worst, losing 8.63 per cent.
Source: http://www.newagebd.net
Tags :
Previous Story
- DSE, CSE continue picking up as bank shares...
- Stocks return to black after 3-day losing streak
- Stocks rise for 3rd day amid Kamal’s brainstorming...
- Bad stocks in good stead, good stocks lose...
- Stocks keep slumping on PLFS liquidation move
- Extra tax on stock dividend
- Stocks drop for second week on liquidity crisis