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Daily Business News All Daily Business News
17 Jul 2014
Stocks rebound on institutional buying

Dhaka stocks rebounded on Wednesday with an increased turnover as the institutional investors increased their participation on the trading floor to avail themselves of the opportunity to buy cheap shares after the recent bear run. The key index of Dhaka Stock Exchange, DSEX, closed at 4,389.35 points, adding 0.60 per cent or 26.56 points. Turnover of the bourse increased to Tk 256.45 crore from Tk 193.27 crore in the previous trading session.

The market rebounded as the institutional investors started to increase participation on the trading floor, market operator said. Along with the institutional investors, retail investors, who were shaky after recent fall, also started to buy shares, they said. An expectation for a capital market-friendly monetary policy for the next half of the year was another reason for the increased participation of the institutional investors, said operators. The institutional investors had reduced their participation on the trading floor after the half-yearly closing share sell-offs.

Since June 30, institutional investors almost refrained from trading as the turnover of the bourse came down to its nine-month low last week. DS30, the blue-chip index of the bourse, increased by 0.63 per cent, or 10.19 points, to finish at 1,605.13 points on Wednesday. The Shariah index of the DSE, DSES, closed at 1,001.53 points, adding 0.91 per cent or 9.12 points. Of the 292 shares and mutual funds traded on the day, 156 advanced, 84 declined and 52 remained unchanged. ‘Riding on positive movement of large caps in food and allied, cement and engineering sectors, today’s [Wednesday] market ended green,’ IDLC Investments said in its daily market commentary.

News on 95 per cent annual development programme implementation in the FY 2013-14 despite political setback put an upbeat stimulus on investors, it said. ‘Besides, expectation on upcoming earnings and corporate disclosures merged with today’s vibe,’ said IDLC. BEXIMCO led the turnover leaders with its shares worth Tk 38.07 crore changing hands. The DSE on Wednesday decided to include three new companies in the DS30 by replacing existing three.

The companies which will be included in the index are Bangladesh Export Import Company, National Bank and Advance Chemical Industries, while United Airways (BD), Uttara Bank and RN Spinning Mills will be excluded from the DS30. Besides, Matin Spinning Mills will be included in the DSEX as the company has fulfilled all the criteria developed by the S&P Dow Jones Indices, a DSE news release said on Wednesday.

Source :: The New Age