Dhaka stocks gain as investors bet on political situation

Dhaka, August 15, 2014 (New Age): Dhaka stocks gained on Thursday amid increasing turnover as they were expecting an improved business environment in next few months depending on the ‘stable’ political situation. The key index of Dhaka Stock Exchange, DSEX, gained 0.60 per cent or 27.30 points, to close at 4,554.51 points. Turnover of the bourse increased to Tk 632.12 crore on Thursday from previous day’s Tk 493.21 crore. Market operators said investors continued their active participation on the trading floor in an expectation that the business situation may witness a positive trend for short term as the political situation remained calm. Improved corporate declarations by the listed companies as well as mutual funds also played an important role behind investors’ enthusiastic participation on the trading floor, they said. Decline in banks’ interest on deposit also made investors hopeful that the fund flow from the banking sector to the capital market may increase, they said. DS30, the blue-chip index of the DSE, increased by 0.76 per cent, or 12.90 points, to close at 1,705.92 points on the day. The Shariah index of DSE, DSES, finished at 1,060.44 points, increasing by 0.92 per cent or 9.68 points. Of the 298 issues traded on the day, 178 advanced, 80 declined and 38 remained unchanged. Among the major sectors, telecommunication gained 1.31 per cent on Thursday, follwed by power that gained 0.42 per cent. Non-bank financial institutions declined by 0.72 per cent, banks 0.16 per cent and food and allied lost 0.60 per cent on the day. ‘Holding its momentum, DSEX stayed above psychological level of 4,500.00 points, this week and amplified investors’ confidence,’ IDLC Investments said in its daily market commentary. ‘The bourse added another 27.30 points, keeping investors much active on hunting lucrative spreads,’ it said. ‘Besides, growing businesses amid calm political scenario continued strengthening investors’ buoyancy as well as their participation in the market,’ IDLC said. Grameenphone led the turnover leaders’ list on Thursday with its shares worth Tk 42.38 crore changing hands. The other turnover leaders of the day were MJLBD, Lafarge Surma Cement, Square Pharmaceuticals, Matin Spinning, Beximco, Makson Spinning, Appollo Ispat, Familytex and BSC.