DSE turnover crosses Tk 8.0b-mark

FE Report Turnover on the Dhaka Stock Exchange (DSE) Sunday crossed Tk 8.0 billion mark with upward movements in all indices as investors went for buying spree amid fresh optimism. The General Index of the Dhaka Stock Exchange (DGEN) surged 86.22 points or 2.00 per cent to close at 4,385.88 points which was four month highest since February 14, 2013. The other two indices also witnessed significant gains --- the DSEX went up by 99.87 points or 2.44 per cent to close at 4,179.67 points while the blue chip index DS30 gained 30.69 points or 2.03 per cent to close at 1,536.28 points. Amid significant market participation, the total market turnover on the premier bourse stood at Tk 8.14 billion, which was the highest in eight and a half month since Tk 10.44 billion as on 3rd October' 2012. The turnover value was up by 37.32 per cent over last session's value. "The week started with a green signal of stronger active participation by investors, pulling up total market turnover to Tk 8.14 billion, highest within last eight and half months," commented IDLC Investments, in its daily market analysis. "Investors' confidence grew over time by political easiness in recent days, particularly after the outcome of recent city corporation election," the merchant bank said. Besides, increased foreign investment in blue chip stocks in recent time has also boosted investors' confidence," the merchant bank added. "The Dhaka stocks have bounced back sharply after single day's correction on previous session. The day has recorded significant momentum in turnover value as it is 37.32 per cent higher than that of previous session's value," stated LankaBangla Securities, a leading stock broker. Furthermore, the day's turnover value was the highest in 166 trading sessions as local buyers were highly active while there is no foreign trading on Sunday, said the stock broker. Conversely, rising volume in DGEN's higher high in reckoning that buyers aren't exhausted, the stock broker added. "Result of four City Corporation election has came out and the scenario without any kind of violence has added to the positivity of investor's outlook. The height of such optimism was reflected through high liquidity and sectoral movement," commented Zenith Investments. "With such boost in turnover apparently brings a gentle breeze of satisfaction which has been a crying need for the market," said the Zenith Investments. But the thing is, technically the long bearish trend is also dominating here and it can't be avoided. With comparatively favorable political condition the positivity might sustain, the Zenith market analysis added. The gainers took a strong lead over the losers as out of 290 issues traded, 246 advanced, 34 declined and 10 remained unchanged in the prime bourse. A total of 0.166 million trades were executed with trading volume of 190.63 million shares and mutual fund units. The market capitalization on the DSE stood at Tk 2,526.94 billion against Tk 2,484.07 billion in the previous session. All the sectors ended in green except food and allied which lost 0.39 per cent. Among the major sectors, NBFIs gained 3.22 per cent, the big market mover. Fuel and power gained 2.40 per cent, closely followed by pharmaceuticals 2.38 per cent and telecommunications 2.31 per cent while banks advanced the least, going up by 1.08 per cent. Orion Pharma was the day's most traded stocks with shares worth Tk 361.76 million changing hands. It was followed by United Airway and BSCCL. The top three accounted for 11.4 per cent of the total market turnover. Deshbandhu Polymer was the day's highest gainer, posting a rise of 10 per cent while Third was the worst loser, slumping by 6.88 per cent. The Chittagong Stock Exchange (CSE) also closed higher with the Selective Categories Index gained 192.60 points to close at 8,222.08 points. Gainers beat losers 181 to 23, with 13 issues remaining unchanged on the port city bourse that traded 16.50 million shares and mutual fund units with turnover value of Tk 587.84 million.