Dhaka stocks advanced on Sunday after a profit booking session with the key index, DSEX, hitting all time high at above 5,900 points as investors continued injecting fund, especially in the bank companies amid optimism.
The DSEX advanced 0.46 per cent, or 27.18 points, to close at 5,907.62 points after falling 10 points in the previous trading session.
The core index reached the peak point after its launch with 4,055 points on January 28, 2013.
In 2013, the bourse launched DSEX under Standard and Poor’s developed free-float methodology with a view to replace the then key index of the bourse, DGEN.
The market touched the psychological barrier of 5,900 points within first 10 minutes of the trading session that rose further as the investors continued to inject fund in the capital market with fresh enthusiasm, market operators said.
They said that the continuous surge in most of the share prices bolstered investors to invest in the market.
The key index hit records for multiple times recently that drew attention of many investors who were in the side-line for months, they said.
Market capitalisation of the bourse also continued to break records, increasing to its all-time high to Tk 396763.03 crore on Sunday as share prices continued to rise.
Moreover, better earnings declaration and lower prices of bank companies kept instigating investors to invest fresh fund in their shares, stockbrokers said.
As a result, the average share prices of banks advanced by 1.18 per cent.
Out of 30 traded bank scrips, 25 advanced, 4 declined and 1 remained unchanged on the day.
Engineering, telecommunication and energy added fuel to the surge of the market, gaining by 1.94 per cent, 0.69 per cent and 0.28 per cent respectively.
Meanwhile, the increased share buying from directors of the City Bank in recent week drew some investors’ attention to the company shares, stockbrokers said.
According to the data from DSE, five directors of the bank expressed intension to buy a total of 51,71,500 shares of the bank from July 30 to Sunday.
As a result, the surge in share prices of City Bank helped most to rebound the market on Sunday.
City Bank also led the turnover chart on the day with its shares worth Tk 36.07 crore changing hands.
Meanwhile, the share prices of newly listed BBS Cables closed around the upper limit of the circuit breaker that posted the highest gain of the day.
On the other hand, the average share prices of cement and non-bank financial institutions declined by 0.97 per cent and 0.41 per cent respectively on the day.
Turnover on the bourse, however, declined to Tk 919.32 crore compared with that of Tk 1,077.99 crore in the previous trading session.
Of the 332 companies and mutual funds traded, 153 advanced, 146 declined and 33 remained unchanged.
DS30, the blue-chip index of the DSE, closed at 2,130.07 points, adding 0.32 points or 6.95 points.
The Shariah index of the bourse, DSES, gained 0.11 per cent, or 1.49 points, to close at 1,313.12 points.
BBS Cables, IFAD Autos, LankaBangla Finance, C and A Textiles, IFIC Bank, Apollo Ispat, Keya Cosmetics, Tung Hai Knittting and Mercantile Bank were the other turnover leaders.
BBS Cables gained the most on the day with a 9.84 per cent increase in its share prices, while Information Services Network was the worst loser, shedding 6.25 per cent.
Source: New Age
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