Dhaka stocks extended gains on Tuesday as a bull run continued for the sixth day on a buying binge following the government's decision of allowing investment of undisclosed money in stocks, market operators said.
DGEN, the benchmark index of Dhaka Stock Exchange, gained 56.00 points, or 0.86 per cent, to close at 6,514.09 points on Tuesday. On Sunday, the index had hit a three-month high at 6,437.50 points.
Turnover of the bourse, however, dropped to Tk 1,418.93 crore on Tuesday from that of Tk 1,581.30 crore in the previous day.
Market operators said the investors, depressed after the December-January stock market collapse, were regaining confidence due to the recent bullish trend.
Salahuddin Ahmed Khan, a professor of finance at Dhaka University, said, 'A continuous rise in share prices in the last few days was acceptable as most of the issues remained under-priced for a long time.'
He said in the present market condition, the market surveillance by the regulators should be strengthened and new IPOs with good fundamentals should be introduced in the market for its stability.
'In that case the market will sustain the upward trend as new IPOs will attract more funds, increase the market depth and prevent it from being overheated,' he added.
Of the 263 issues traded on Tuesday, 142 advanced, 117 declined, and four remained unchanged.
Bank, mutual fund and pharmaceutical issues mostly gained on Tuesday.
Bextex topped the turnover leaders with Tk 68.81 crore. The other turnover leaders were Beximco, One Bank, Aftab Automobiles, United Airways, Beximco Pharmaceuticals, MI Cements, United Commercial Bank, and Shajalal Islami Bank.
Source : New Age
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