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DSEX crosses 5800-mark after nine months

FE Report | January 14, 2019 00:00:00

The prime index of the Dhaka Stock Exchange (DSE) on Sunday crossed the 5,800-mark after nine months as investors showed their buying spree on sector-wise issues.

Market analysts said stocks rebounded after a single -session break, as enthusiastic investor poured money anew into stocks amid growing confidence in the market.

The local and foreign investors were active on the trading floor as stable political situation after the election boosted their confidence level, said a leading broker.

He, however, noted that rising trend of low-profile companies' shares is a matter of concern and investors should be careful.

Following the previous session's flat movement, the market started on upward note and the upturn sustained till end of the session with no sign of reversal.

At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 5,860, gaining 62.91 points or 1.08 per cent over the previous session.

It was the highest level of DSEX since April 09, last year.

The prime index of DSE recovered 475 points or 8.82 per cent so far in nine trading sessions of 2019 after losing 859 points or 14 per cent in 2018.

The DSE market-cap also recovered Tk 265 billion in nine sessions after shedding Tk 356 billion in 2018.

The two other indices followed the suit. The DS30 index, comprising blue chips, went up by 18.68 points to close at 2,030 and the DSE Shariah Index (DSES) advanced 11.21 points to close at 1,329.

Bullish sentiment was also reflected on the trading activities as total turnover stood at Tk 9.74 billion, which was 8.58 per cent higher than the previous day's Tk 8.97 billion.

"Investors' participation increased as they took fresh position in anticipation of better return," commented International Leasing Securities, in an analysis.

A total number of 208,927 trades were executed in the day's trading session with trading volume of 247.23 million shares and mutual fund units.

The market-cap of DSE increased to Tk 4,137 billion which was Tk 4,105 billion in the previous day.

According to IDLC Securities, the day's rise was led by the momentum coming from surging banking and power sectors' stocks.

The power sector posted the highest gain of 1.60 per cent rise, followed by banking with 1.30 per cent, food 0.50 per cent, pharmaceuticals 0.40 per cent and telecommunication 0.30 per cent.

The gainers took a strong lead over the losers as out of 344 issues traded, 228 advanced, 76 declined and 40 issues remained unchanged on the DSE floor.

BBS Cables dominated the turnover chart with 3.82 million shares worth Tk 427 million changing hands, followed by Khulna Power Company, Olympic Industries, CVO Petrochemicals Refinery and Dhaka Bank.

Port city bourse Chittagong Stock Exchange (CSE) ended higher with the CSE All Share Price Index - CASPI - rising 179 points to settle at 17,945 points and Selective Categories Index - CSCX -advancing 109 points to finish at 10,836.

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