Dhaka stocks rally for 2nd day as investors expect bull run

August 27, 2014

Dhaka stocks advanced for the second trading session on Tuesday with the turnover hitting its fresh seven-month high as investors bought shares on an expectation that share prices would rise further. The key index of the Dhaka Stock Exchange, DSEX, increased by 0.57 per cent, or 26.30 points, to close at 4,590.65 points on the day. The index posted its highest after April 27 this year when it was 4,666.41 points.
Turnover at the DSE increased to Tk 794.95 crore on Tuesday from Tk 707.30 crore in the previous trading session.
Tuesday’s turnover was the highest after the turnover of Tk 804.19 crore on February 2 this year.
Market operators said as the shares of the banking sector got an increased attention from investors from the previous trading session, the market remained positive.
Along with the institutional and big investors, a section of retail investors also increased their participation that boosted the DSE’s turnover, they said.
Operators said investors increased their participation on an expectation that the political situation in the country might remain stable till Eid-ul-Azha.
DS30, the blue-chip index of the bourse, however, finished at 1,728.41 points, shedding 0.03 points.
The Shariah index of the DSE, DSES, closed at 1,065.47 points, increasing by 0.23 per cent or 2.45 points.
‘The market continued its upward trend and the benchmark index DSEX closed at a four-month high of 4,590.65 points,’ IDLC Investments said in its daily market commentary.
‘Large capitalised stocks further extended the dominance in turnover, where BEXIMCO topped the chart for the fifth consecutive day,’ it said.
Investors’ participation remained strong and the turnover spiked at Tk 795 crore, highest within last seven months, it said.
‘Amid this, power and fuel dominated the turnover chart, followed by pharmaceuticals and engineering [sectors],’ it said.
Of the 298 shares and mutual funds traded on the day, 195 advanced, 80 declined and 23 remained unchanged.
BEXIMCO led the turnover leaders on the day with its shares worth Tk 50.25 crore changing hands.
Beximco Pharma, MJL Bangladesh, BSRM Steel Mills, Grameenphone, Golden Son, Summit Power, Khulna Power and Printing, Orion Pharma and Lafarge Surma Cement were among the other turnover leaders.

-With New Age input

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