Daily trade turnover on Dhaka Stock Exchange (DSE) crossed Tk 20 billion-mark Wednesday as enthusiastic investors put fresh stakes on stocks amid high hopes in the upcoming budget.
Turnover, a crucial indicator of the market, stood at Tk 20.99 billion on the country's premier bourse, climbing further by 22 per cent over previous day's mark of Tk 17.20 billion.
It happens to be the biggest single-day transaction in the last four months since January 17, when the turnover totaled a record amount of Tk 23.85 billion.
Attuned to the rising turnover value, DSEX, the prime index of the DSE, rebounded on gaining streak after a single-day break, rising 43.90 points or 0.75 per cent to settle at 5873.
Market operators said investor enthusiasm sustained as institutional and foreign investors remained active on the market amid easing virus worries, taking the market turnover to nearly Tk 21 billion-mark.
"Continuous growth in turnover pushed the investors' confidence to a new level, and high trading volume suggested that institutional investors are largely active in the market," said a leading merchant banker.
The capital market has already got back its rhythm riding on various market supportive measures, taken by the regulator while the lower money market returns encouraged the investors to put fresh funds on stocks, he added.
Investors are relentlessly taking part in the stock market with fresh funds to enjoy the existing tax benefits ahead of closure the current fiscal year, said a stockbroker.
He noted that positive expectations from the budget of next fiscal year also keeping investors busy in judging lucrative sectors for afresh investment amid easing virus worries.
According to EBL Securities the rise in the core index was driven by bank and non-bank financial institution stocks as investors regained their confidence in the ailing financial sector based on earnings surprises.
The stockbroker noted that the market participants reacted positively to the government decision to cut corporate tax by 2.50 per cent to 22.50 per cent in the upcoming fiscal year for all listed production-oriented companies.
The bargain hunters revealed their buying interest riding on the news that the government has set higher spending target in the next budget, commented International Leasing Securities.
Two other indices also edged higher with the DSE 30 Index, comprising blue chips, advanced 6.20 points to finish at 2,201 and the DSE Shariah Index (DSES) gained 1.27 points to close at 1,282.
Among the major sectors, banking sector generated the highest return, gaining 2.90 per cent, followed by financial institutions with 2.60 per cent, miscellaneous 1.10 per cent and power 0.30 per cent.
On the other hand, engineering, food, telecom and pharma sectors suffered losses of 1.30 per cent, 1.20 per cent, 0.70 per cent and 0.70 per cent respectively.
Losers, however, took a modest lead over the gainers, as out of 364 issues traded, 176 declined, 132 advanced and 56 issues remained unchanged on the DSE trading floor.
Beximco - the flagship company of Beximco Group- continued to dominate the turnover chart with shares worth about Tk 1.75 billion changing hands, followed by Prime Bank, LankaBangla Finance, Saif Powertec and NRB Commercial Bank.
Premier Leasing was the day's top gainer, posting a 10 per cent gain while Continental Insurance was the worst loser, losing 9.48 per cent.
A total number of 266,826 trades were executed in the day's trading session with a trading volume of 720.47 million shares and mutual fund units.
The market-cap of DSE also rose to Tk 4,957 billion on Wednesday, up from Tk 4,950 billion in the previous session.
The Chittagong Stock Exchange (CSE) also ended higher with the CSE All Share Price Index - CASPI -gaining 158 points to settle at 17,052 and the Selective Categories Index - CSCX soaring 96 points to close at 10,279.
Of the issues traded, 134 declined, 129 advanced and 34 issues remained unchanged on the CSE.
The port city's bourse traded 58.42 million shares and mutual fund units with turnover value of nearly Tk 1.28 billion.
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