Stocks extend gaining amid optimism

Stocks extended the winning streak Thursday, the last day of the fiscal year (FY) 2021-22 amid positive expectations in the new fiscal year.
Participation of investors increased significantly, reflecting investors' expectations that the central bank would come up with a monetary policy that supports the market, said a merchant banker.
The Bangladesh Bank (BB) unveiled a 'cautious' monetary policy for the new fiscal year on Thursday to curb inflation without hampering the country's economic growth.
The market was going through a slow movement for the first four hours, but the last minutes buying pressure helped the prime index close over 26 points higher.
DSEX, the key index of the Dhaka Stock Exchange (DSE), went up by 26.47 points or 0.41 per cent to settle at 6,376. The core index added 76 points in the past four days.
Meanwhile, the core index of the DSE plunged 380 points or 5.62 per cent in the first half (January-June) of the calendar year 2022.
Turnover, the crucial indicator of the market, crossed Tk 9.0 billion-mark and amounted to Tk 9.38 billion, which was 16.52 per cent higher than the previous day's tally of Tk 8.05 billion.
Meanwhile, Grameenphone shares plunged 2.0 per cent, the highest allowable limit, after the telecom regulator banned it from selling new SIMs due to failure to provide quality service.
The Bangladesh Telecommunication Regulatory Commission (BTRC) Wednesday instructed the country's top mobile network operator not to sell any new SIM until further notice.
The largest market-cap listed firm's share closed at Tk 294.10 on Thursday, which is the almost two-year lowest price since August 23, 2020.
However, Robi shares jumped 5.24 per cent to close at Tk 30.10 on Thursday as investors expected good business prospects in near future after the telecom regulator banned GP from selling new SIMs.
Market operators said the optimistic investors preferred to buy shares at lucrative prices as the fiscal year ended Thursday.
Some of the investors followed a cautious stance as the central bank unveiled the monetary policy statement Thursday for the upcoming fiscal year, said International Leasing Securities.
EBL Securities said the market is showing signs of reversing the bearish trend, backed by across the bourse buying of investors, as many stocks were traded at lucrative price due to consecutive corrections observed by the indices.
However, the confidence of investors is yet to restore fully because of worries over the country's growing Covid-19 cases, said the stockbroker.
Two other indices also edged higher. The DS30 Index, comprising blue chips, saw a fractional gain of 0.40 point to finish at 2,295 and the DSE Shariah Index (DSES) gained 1.37 points to close at 1,386.
The Chittagong Stock Exchange (CSE) also posted a modest rise with the CSE All Share Price Index - CASPI -gaining 37 points to settle at 18,727 and the Selective Categories Index - CSCX -rising nearly 23 points to close at 11,226.
Of the issues traded, 146 declined, 115 advanced and 40 issues remained unchanged on the CSE.
The port city's bourse traded 13.92 million shares and mutual fund units with turnover value worth nearly Tk 323 million.

babulfexpress@gmail.com