Buying spree pushes up share prices on DSE

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FE Report
Buying spree of institutional and retail investors continued to jack up the share prices on the Dhaka Stock Exchange (DSE) Tuesday, the last trading day ahead of the Eid-ul-Fitr.
As a result, the benchmark DSE General Index or DGEN crossed 2800-mark, another milestone to close at 2802.60 points, a 40.23 point up from the previous day. DGEN crossed 2700-mark on the DSE Sunday, only two-days ago.
All the indices rose on the DSE for the fourth consecutive day.
"It is unusual this time as huge funds are pouring in the stock market ahead of the Eid, but usually there remains a bearish trend in the market ahead of the Eid every year," a DSE source said.
The source pointed out that the investors remain enthusiastic this time as more and more good issues are going to be listed on the stock exchanges.
"New issues like Trust Bank has already attracted the investors and more companies under power and energy sector will float shares this year," the source said.
Issues like Jamuna Oil, Meghna Oil and Titas Gas will be directly listed on the stock exchanges by the end of this year motivating the investors to take part in the stock market operation in recent periods.
Market operators said investors are more interested in investing money in the secondary markets rather than initial public offerings.
As a result, the participation of investors also increased manifold, said a chief executive officer (CEO) of a brokerage house Tuesday.
The participation of retail investors has increased manifold recently compared with the institutional investors, he said.
When asked he said funds are coming into the stock markets from the banks as the investors think they could get return and profit of their money in short time from the stock market.
"The range of transaction of money was Tk 300 million -Tk400 million daily. But recently we transact Tk 500 million-Tk600 daily in our brokerage house," he said.
The fund in the stock market also increased due to expansion of activities by the Investment Corporation of Bangladesh (ICB), DSE and Chittagong Stock Exchange in the country's regional areas including divisional cities, the market operator said.
All Shares Price Index (DSI) and DSE-20 Index (DS20) gained 35.384 points and 27.264 points to close at 2332.342 and 2156.440 respectively.
The total turnover, however, declined to Tk 2.257 billion from its previous Tk 2.446 billion. The total market capitalisation increased to Tk 665.208 billion from its previous Tk 656.836 billion.
Out of 215 traded issues prices of 168 gained, 35 declined and 12 remained unchanged.