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Stocks rally on record transaction

WT24 Desk

Key Share price index at the country’s twin bourses — Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) gained for five consecutive days on Monday, the 2nd trading day of the week. The DSE benchmark index, DSEX gained 72.17 points or 1.69 percent to close at 4349.22 on the day. Of the 314 issues traded, 208 gained, 87 declined and 19 remained unchanged.

Rallly at the Dhaka Stock Exchange (DSE) continued on Monday with record transaction in volume and value. the blue-chip DS30 advanced by 7.53 points to 1624.71 and the Shariah DSES gained by 1.52 points to 1043.01. The daily trade volume surged to 17.30 crore shares and the value to Taka 596.71 crore on active buying. The higher activity pushed prices of 208 securiities up across the board. Only 87 scrips finished the day lower, with 19 closing unchanged.

The day’s major gainers were Janata Insurance, 7th ICB, Fekdill, Phoneix Finance and Premier Bank. Ambee Pharma, Northern Jute, BSCCL, BSRM and Meghna Pertoleum were the day’s major losers.  UPGDCL topped the turnover leaders followed by Ifad Autos, Western Marine Shipyard, MJLDB and Beximco. Monday’s rally was followed by the surge in the price indices on Sunday on speculative buying as investors were expecting higher return in near future against the backdrop of interest rate cut on saving certificates.

Shares worth Tk 596.71 crore changed hands at the DSE on Monday against Tk 520.81 crore on last Sunday. IDLC Finance said, “Market showcased significant strength, increasing robustly by 72 points, assuming natural sell pressure due from yesterday’s colossal gain.” The leading stockbroker also said, “The day started with an upbeat tone and continued so throughout the session with minor dips in early hours. Such robust performance from the bourse gravitated crowd from the sidelines, increasing average turnover to 5 months high of almost Tk 6 billion.”

The day’s top 10 gainers at the DSE  were  Janata Insurance, 7th ICB Mutual Fund, Far East Knitting & Dyeing, Phoenix Finance and Investments, Premier Bank, Standard Insurance, Republic Insurance, Industrial Promotion & Development, Northern General Insurance, and Meghna Cement. The top five turnover leaders at the DSE were United Power Generation & Distribution Company, Ifad Autos, Western Marine Shipyard, MJL Bangladesh, and Beximco.

The CSE key index, CASPI also gained 238.03 points to reach 13420.66 at close on Monday. Of the 250 issues traded, 171 advanced, 63 suffered loss and 16 remained unchanged. The value of the traded issues was Tk 50.82 crore on the day at the CSE.

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