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Daily Business News All Daily Business News
24 Apr 2014
Stocks gain as MNCs shine

Dhaka stocks advanced on Wednesday with the DSEX hitting its one-and-a-half-month high as investors showed fresh interest in the multinational companies and continued to buy bank shares ahead of corporate declarations and quarterly earning disclosures. The benchmark general index of Dhaka Stock Exchange finished at 4,694.21 points, adding 0.73 per cent or 34.22 points. It was the index’s highest since March 6 when it was at 4,699.62 points. The turnover of the bourse increased to Tk 547.31 crore from Tk 391.32 crore in the previous trading session.

Market operators said an increased interest in the MNCs and bank shares amplified the turnover of the bourse on the day. Due to the increased demand, share prices of most of the banks and MNCs rose, they said. Share prices of most of the non-bank financial institutions and textile companies, however, declined after gaining for the last couple of sessions, they said.

They said ahead of the year closing the mutual fund sector attracted investors after passing a long dull period. ‘Remaining dormant for last few sessions, large cap segment performed robust today [Wednesday],’ IDLC Investments said in its daily market commentary. ‘News on Grameenphone’s plan to enter in WiMax service market stimulated investors very strongly. As a result, GP gained 5.41 per cent and fostered telecommunication to lead in sectoral performance,’ it said. ‘Similarly, business re-structuring news of Glaxo Smithkline and Novartis attracted investors, too. Consequently, Glaxo Smithkline gained 6.24 per cent, emerging pharmaceuticals as the second best performing sector,’ IDLC said. DS30, the blue-chip index of the bourse, advanced by 1.24 per cent, or 21.19 points, to close at 1,725.26 points on Wednesday. The Shariah index of the bourse, DSES, finished at 1,038.95 points, increasing by 0.92 per cent or 9.47 points. Of the 296 shares and mutual funds traded, 148 advanced, 122 declined and 26 remained unchanged.

Grameenphone led the turnover leaders with its shares worth Tk 52.81 crore changing hands. Meghna Petroleum, Olympic Industries, Lafarge Surma Cement, Heidelberg Cement, Padma Oil, Square Pharmaceuticals, Southeast Bank, Jamuna Oil and UCBL were among the other turnover leaders.

Source :: The New Age