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Daily Business News All Daily Business News
21 Nov 2013
Turnover rises to Tk 8.89 billion on DSE

Stocks witnessed another session of sharp rise with turnover hitting four-month high on the prime bourse Wednesday as investors put fresh funds on equities amid hope for ending the political crises peacefully. Market analysts said market witnessed strong buying pressure mostly from institutions as continuous positive market trend boosted up investors' confidence and encouraged them to take fresh positions.

The benchmark index of the Dhaka Stock Exchange - DSEX crossed 4,400 points psychological level for the first time since its introduction and ended at 4,439.59 points, gaining 58.22 points or 1.32 per cent. DSEX gained for the sixth consecutive sessions. The DS30 index, including blue chips also performed well as it gained 26.11 points or 1.70 per cent to close the session at 1,556.88 points.

The turnover value shot up to Tk 8.89 billion, up by 12.82 per cent over the previous session's value. It was the highest turnover since Tk 9.87 billion on July 17 last. "Leaving sector specific movements behind, the market has entered into a time of market wide surge, driving stock prices to envious levels," said IDLC Investments, a leading merchant bank. Although, it is too soon to tell, whether the market has returned to its natural rhythm, for which investors have been waiting for years, it is certain that with DSEX crossing 4,400 points level for the first time ever, the rally is intensely encouraging for investors and alluring for additional funds, the merchant bank said.

"Investors are probably expecting a solution to current political chaos and they are expecting a bullish market once political power changes hand peacefully. They want to book a place this ride," said LankBangla Securities, a leading stock broker. "Optimism on end of ongoing political crisis spurred robust movement during the day's session and investors took fresh positions in anticipation of calm prevailing in the political arena," said an analyst. "As political turmoil is literally absent now, investors regained enough confidence to be on the full swing and that's what gave the market enough strength," stated Zenith Investments.

Gainers outpaced losers as out of 287 issues traded, 215 gained, 54 declined and 18 remained unchanged on the prime bourse. Activities increased further on the prime bourse. A total of 0.196 million trades were executed with 237.42 million shares and mutual fund units were trading volume. The market capitalization of the DSE stood at Tk 2,731.64 billion against Tk 2,703.43 billion in the previous session.

Telecommunications was the market mover as it posted a gain of 3.95 per cent - followed by pharmaceuticals which closed 2.05 per cent higher. Banks and NBFIs gained 1.20 per cent and 0.48 per cent respectively. Fuel & power lost 0.23 per cent. GrameenPhone was the most traded stocks with shares worth Tk 415.71 million changing hands followed by UCBL, United Airways and RN Spinning. The two sectors - textile and banks, accounted for 19.5 14.5 per cent and 14.5 per cent to the total market turnover. Rupali Life Insurance was also the day's highest gainer, posting a rise of 9.98 per cent while Northern Jute Manufacturing was the day's worst losers, slumping by 9.47 per cent.

The Chittagong Stock Exchange (CSE) also ended higher for the sixth sessions, with its Selective Categories Index gained 142.48 points to close at 8,715.52 points. Gainers beat losers 165 to 45, with 15 issues remaining unchanged at the port city bourse that traded 29.68 million shares and mutual fund units, turnover value of Tk 891.91 million.

Source :: The Financial Express