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DSE turnover hits three-month high

Investors remain optimistic about budgetary incentives

FE Report | June 12, 2019 00:00:00

Turnover on Dhaka Stock Exchange (DSE) on Tuesday hit three months high as investors put fresh stakes on stocks amid budgetary expectations.

Turnover stood at Tk 5.78 billion on the country's premier bourse, climbing further by 19 per cent over previous day's Tk 4.84 billion.

It happens to be the biggest single-day transaction in the last three months since March 14, this year when the turnover totaled a record Tk 5.85 billion.

DSEX, the prime index of the DSE, continued to hold its soaring momentum, gaining 44.38 points or 0.81 per cent to settle at 5,475 points.

DSEX added more than 225 points or 4.29 per cent in the past eight consecutive sessions.

Market analysts said budgetary hopes coupled with central bank's market supportive measures which widened the banks' scope to invest in the stock market continued to attract investors.

Finance Minister A H M Mustafa Kamal is set to place the national budget for the FY 2019-20 tomorrow (Thursday).

Earlier, Mr. Kamal pledged that there would be many incentives for the stock market in the upcoming budget.

Two other indices of the prime bourse also closed higher. The DS30 index, comprising blue chips, advanced 20.15 points to finish at 1,921 and the DSE Shariah Index rose 12.51 points to close at 1,244.

According to International Leasing Securities, the enthusiastic investors were confident about the market ahead of unveiling national budget for FY 2019-20.

The stockbroker noted that turnover crossed Tk 5.7 billion-mark after March 14, 2019 as the bargain hunters continued injecting fresh funds into the market amid budgetary expectations.

A total number of 143,033 trades were executed in the day's trading session with trading volume of 148.51 million securities.

The market capitalisation of the DSE also rose to Tk 4,022 billion on Tuesday, from Tk 3,990 billion in the previous session.

All the large cap sectors showed positive performance with telecommunication posted the highest gain of 2.22 per cent.

It was followed by engineering with 1.97 per cent gain, banking 0.64 per cent, food 0.62 per cent, pharmaceuticals 0.59 per cent, power 0.58 per cent and non-bank financial institutions 0.17 per cent.

The gainers took a modest lead over the losers as out of 352 issues traded, 224 advanced, 75 declined and 53 issues remained unchanged on the DSE trading floor.

United Power topped the turnover chart with 799,152 shares worth Tk 296 million changing hands.

The other turnover leaders were JMI Syringes, BBS Cables, Square Pharmaceuticals and Khulna Power Company.

Quasem Industries was the day's best performer, posting a gain of 9.94 per cent while Vanguard AML BD Finance Mutual Fund One was the worst loser, losing 6.32 per cent.

The port city bourse, Chittagong Stock Exchange, also ended higher with its CSE All Share Price Index - CASPI -soaring 158 points to settle at 16,773 and the Selective Categories Index - CSCX -advancing 97 points to finish at 10,160.

Here too, the gainers beat losers, as 175 closed higher, 57 ended lower and 36 remained unchanged on the CSE trading floor.

The port city bourse traded 10.56 million shares and mutual fund units worth Tk 490 million in turnover.


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