Dhaka stocks soar as turnover crosses Tk 750cr

May 19, 2015

Dhaka stocks jumped on Monday with the turnover crossing the Tk 750 crore mark amid investors’ heavy buying of shares and injection of fresh funds into the market in an expectation that the market would rise further. The key index of Dhaka Stock Exchange, DSEX, rose by 2.11 per cent, or 91.43 points, to close at 4,407.42 points. Turnover of the bourse increased to Tk 753.99 crore compared with that of Tk 710.61 crore in the previous trading session.
Monday’s turnover was the highest after Tk 846.32 crore on November 12 last year.
‘As political worries sedated for now, investors were looking forward to exploiting recovery expectation and over reaction of the market in the past,’ IDLC Investments said in its daily market commentary.
‘With gradual revival of investors’ sentiment and bountiful supply of fresh funds in the bourse, the market resumed in up-trend after 4 sessions of consolidation,’ it said.
‘Index refurbished its upward movement after passing few days of consolidation backed by banking stocks,’ LankaBangla Securities said in its daily market analysis.
‘Market turnover is continuing to hit the high amid quarterly earnings season, which is conveying positives to the investors’ mind,’ it said.
‘Among the major industry updates, the government was considering revising the ‘cash incentives’ provided to export sectors and it hinted raising tax at source for
Bangladesh’s apparel export in next budget,’ said LankaBangla.
DS30, the blue-chip index of the bourse, closed at 1,665.84 points, increasing by 2.18 per cent or 35.64 points. The Shariah index of the bourse, stood at 1.73 per cent, or 18.24 points, to close at 1,069.67 points on Monday.
Of the 309 shares and mutual funds traded on the day, 251 advanced, 45 declined and 13 remained unchanged.
Khulna Power Company led the turnover chart on the day as its shares worth Tk 33.94 crore changed hands.
United Power Generation and Distribution Company, Bangladesh Submarine Cable Company, BEXIMCO, Summit Purbanchol Power Company, RAK Ceramics, ACI Formulations, SAIF Power, AFC Agro Biotech and Baraka Power were among other turnover leaders.

-Input from New Age

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