Hawker.com.bd     SINCE
DSEX breaks 5,300-mark on buying spree [ STOCK & CORPORATE ] 12/01/2017
DSEX breaks 5,300-mark on buying spree
Turnover crosses Tk 17b on premier bourse
Stocks continued their bull run Wednesday for the third straight session with key index of the Dhaka Stock Exchange (DSE) crossing the 5,300-mark, supported by financial stocks.

Market insiders said amid growing confidence and anticipating positive year-end earnings declarations, the investors took position heavily on non-bank financial institution and bank issues.

Accordingly, the heavyweight NBFI and bank sectors posted the highest gain of 3.17 per cent and 3.07 per cent respectively, which contributed sharp rally of indices.

"Ongoing upward trend in the market increases investors\' confidence and encourages new investors to come to the market, taking the market turnover above 17 billion-mark after five and a half years," said an analyst, seeking anonymity.

"However, the newcomers should carefully invest in a rising market and should analyse the fundamentals of securities beforehand," he said.

The market opened with a slow trend but started to sharp rise after 30 minutes of trading which sustained till end of the session amid increased participation from the investors, ultimately ended over 56 points higher. 

DSEX, the prime index of the DSE, continued to hold its gaining momentum, adding 56.48 points or 1.07 per cent more to finish at 5,333.87, which was the highest level of DSEX points since October 15, 2014 when the DSEX was 5,334.04.

With a three-day rally, DSEX added more than 175 points and touched almost all-time high level since its inception on January 27, 2013. After introduction, DSEX reached the highest level at 5,334.04 on October 12, 2014.

"Stocks witnessed sharp gain supported by bank and NBFI stocks as the optimistic investors continued their buying spree amid growing confidence," said International Leasing Securities, a stockbroker, in its regular market analysis.

The stockbroker noted that spontaneous participation coupled with favorable market outlook lured the cheerful investors to remain active in the session.

"Anticipation of positive yearly and half yearly earnings has been pushing the market to its new high after five years," said the stockbroker.

The two other indices also saw closed higher. The DS30, comprising blue chips, rose 13.71 points or 0.72 per cent to close at 1,908.36.  The DSE Shariah Index (DSES) advanced 5.43 points or 0.44 per cent to close at 1,245.85.

Powered by investors\' buying spree on large-cap stocks, turnover also crossed Tk 17 billion-mark and the total turnover stood at Tk 17.04 billion on the DSE, which was 0.42 per cent higher than the previous day\'s Tkl 16.97 billion.

Wednesday\'s turnover was the biggest single-day transaction since July 28, 2011, when the turnover total was recorded Tk 18.05 billion.

Turnover continued largely concentrated on the engineering sector, capturing 17 per cent of the day\'s total turnover, followed by textile 15 per cent and banks 12 per cent.

A total number of 0.258 million trades were executed in the day\'s trading session with trading volume recorded fresh all-rime high of 579.47 million.

Sheltech Brokerage, said, "The prime index of the DSE continued its upward move for third consecutive sessions as NBFI, banks and general insurance took the lead".

The stockbroker noted that the quick gaining stocks faced some profit-taking which had no severe impact on indices.

AT Capital Pasterns, said, "Turnover hits the five and half year high and the broad based index and also closed almost in the same position of the all-time high of the index since inception".

The AT Capital noted that from the technical point of view, market is extremely overbought and touched the long term strong resistance line.

All the large-cap sectors showed positive performance except engineering which faced 1.17 per cent correction. Pharmaceuticals and food and allied gained 0.39 per cent each while fuel and power closed almost flat with 0.03 per cent gain.

The gainers beat the losers 194 to 117. Fifteen issues, however, remained unchanged on the DSE trading floor.

The port city bourse, the Chittagong Stock Exchange (CSE), also closed higher with its Selective Categories Index - CSCX - surging 92.60 points to settle at 9,926.48.

Gainers beat losers as 164 issues closed higher, 97 closed lower and 10 remained unchanged on the CSE.

The port city bourse traded 38.37 million shares and mutual fund units\' worth Tk 969 million in turnover.

News Source
Today's Other News
• GP tops DSE turnover chart
• Six cos see losses as BSEC steps in
• DSEX dips below 5,800-mark again
Related Stories
Forward to Friend Print Close Add to Archive Personal Archive  
Forward to Friend Print Close Add to Archive Personal Archive  
Home / About Us / Benifits / Invite a Friend / Policy
Copyright © Hawker 2013-2012, Allright Reserved
free counters