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Daily Business News All Daily Business News
28 May 2014
Dhaka stocks recover some ground on institutional buying

Dhakastocks gained on Tuesday with the turnover increasing slightly as some institutional investors became active on the trading floor to buy shares at cheap rates after recent fall. DSEX, the benchmark general index of Dhaka Stock Exchange, gained 0.85 per cent, or 37.41 points, to close at 4,415.75 points. Turnover of the bourse rose to Tk 240.15 crore on the day from that of Tk 236.08 crore in the previous session. Of the 294 issues traded on the day, 161 advanced, 82 declined and 51 remained unchanged.

Market operators said investors were still cautious and reluctant to make any fresh investment ahead of the budget of the 2014-15 fiscal year which would be announced in the next month. They said the market downtrend in last the several weeks coupled with a legal battle over the market regulator’s mandatory shareholding rule made investors worried. ‘Today some institutional investors stepped in but the uptrend seems to be short-lived as there is still no direction of the market,’ a senior official of a brokerage house told New Age on Tuesday.

He said beside the economic concerns, political factors were also affecting the market as large-scale individual investors were staying on the sidelines. ‘Big investors fear that the political uncertainty might hit the country although the situation is calm at the moment,’ he said. ‘So, the general investors are still less active because of the margin loan burden while the big investors have refrained from trading,’ he said. DS30, blue-chips index of the bourse, inched up by 0.81 per cent, or 12.91 points, to close at 1,602.32 points on Monday. DSES, the DSE’s Shariah index, inched up by 0.78 per cent, or 7.64 points, to close at 985.51 points.

IDLC Investment in its daily market commentary said that although the market returned to positive, investors were still watchful. ‘As the cloudy phenomena sustained in the last few sessions, participants could not drive much certainly, keeping total turnover below Tk 2,500-million level for the third session,’ it said. All the major sectors ended in green on Tuesday with food and allied posting the highest gain of 3.69 per cent, followed by pharmaceuticals 1.14 per cent and telecommunication 0.82 per cent.

In the financial sectors banks gained 1.24 per cent on the day and non-bank financial institutions 0.47 per cent. Power gained 0.11 per cent on the day. Lafarge Surma Cement topped the turnover leaders on Tuesday with its shares worth Tk 17.43 crore changing hands. The other turnover leaders were Square Pharmaceuticals, Grameenphone, BSRM Steel, Mercantile Bank, Heidelberg Cement, South East Bank, Eastern Housing Ltd, Family Textile and Meghna Petroleum.

Source :: The New Age