DSE turnover hits 2-and-half month high on political hope

March 26, 2015

Dhaka stocks returned to positive zone on Wednesday, after a two-day fall, as investors went active on the trading floor amid media reports that the BNP-led opposition parties could take part in the upcoming city corporation polls. Turnover at the Dhaka Stock Exchange increased to a two-and-half month high to Tk 350.79 crore on Wednesday after hitting Tk 390.64 crore on January 14 this year.
The key index of DSE, DSEX, rose by 0.35 per cent, or 15.89 points, to close at 4,509.30 points on the day.
Investors became optimistic about the market prospect on Wednesday following the media reports on BNP’s preparation in the city elections to be held next month, market operators said.
Investors with big portfolio have started to take part on the trading floor following the reported BNP’s stance regarding the city elections, they said.
The investors were sensing that the political situation might calm down if the BNP attends the elections, they said.
The BNP, which has been enforcing countrywide blockade and frequents hartals since the first week of January, on Tuesday refrained from making fresh declaration of strike and that might be another reason behind the investors’ optimism, the operators said.
A 37.30 per cent increase in turnover at the bourse suggests that investors’ participation on the trading floor boosted up, they said.
DS30, the blue-chip index of DSE, rose marginally by 0.38 per cent, or 6.63 points, to finish at 1,713.85 points on the day.
DSES, the shariah index of the bourse, closed at 1,096.77 points, adding 0.55 per cent or 6.02 points.
Of the 314 shares and mutual funds traded on the day, 135 advanced, 142 declined and 37 remained unchanged.
‘The last trading session of the week was a bumpy one, but ended positively,’ LankaBangla Securities said in its daily market commentary.
‘There is an anticipation of opposition party taking part in upcoming city corporation election, which might stabilise the political unrest in the near future and boost the market sentiment,’ it said.
ACI Limited led the turnover chart on the day as its shares worth Tk 26.41 crore changed hands.
Grameenphone, Shasha Denims, ACI Formulations, Lafarge Surma Cement, Square Pharmaceuticals, Zaheen Spinning, Shahjibazar Power Company, Pharma Aids and MJL Bangladesh were among other turnover leaders.
JMI Syringes and Medical Devices gained the most on the day with a 9.78-per cent increase in its share prices, while City General Insurance was the worst loser of the day, shedding 6.75 per cent.

-Input from New Age

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