The turnover of Dhaka Stock Exchange on Wednesday reached its highest in the year to Tk 1,765.12 crore as stocks prices continued to gain, recovering from six months of volatility.
The DGEN, the benchmark general index of DSE, on the day gained 31.51 points, or 0.47 percent, to close at 6,619.09 points after advancing by 100.99 points on Tuesday. The DSE turnover was Tk 1,783.10 crore on December 30, 2010.
The turnover on Wednesday increased by Tk 378 crore from the previous day.
The bourse's turnover earlier hit an all-time high of Tk 3,249.57 crore on December 5, when the market witnessed a boom, but plunged to Tk 206.41 crore on January 25 following a series of huge stock crashes that drove away the investors from trading.
A liquidity crisis also hit the market at that time as most of the banks as well as other large investors withdrew their huge investments in December, pocketing hefty profits.
After around six months of volatility, the market started to go up just before the passage of the finance bill on June 29 on speculation among the investors that the government might allow legalising undisclosed money by investing it in the stock market.
After the government allowed investment of undisclosed money in the capital market by paying 10 percent tax from July 1, the market started to stablise with the average daily turnover rising to Tk 1,562.00 crore in the past week.
Market operators said investors, both individual and institutional, continued to inject funds on Wednesday as they became optimistic about the market, observing its uptrend sustaining for last one month.
They said individual investors started injecting fresh funds into the market and also switching to different shares which boosted the turnover.
They also said that sharp rise of share price of GrameenPhone made it the market dominator on Wednesday.
'The market is on a bull run for more than a month and investors believe it will continue further,' said a stockbroker.
He said that the institutional investors, especially commercial banks, might increase their capital market investment as the Bangladesh Bank extended time to adjust their capital market exposure.
'Banks might have started investing in the capital market again for that,' he said.
Market operators said although the DGEN
had increased sharply
in the first hour of trading on Wednesday, it fell slightly in the late hour because of profit taking sell-offs.
Of the 262 issues traded on the day, 127 advanced, 127 declined and eight remained unchanged.
United Airways topped the top-10 turnover leaders' list with its shares worth Tk 69.97 crore changing hands. The rest of the turnover leaders of the day were One Bank, GrameenPhone, Shahjalal Islami Bank, Beximco, RN Spinning, MI Cements, United Commercial Bank, MJLBD and First Lease Finance and Investment.
Source : New Age
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