• Thursday, April 17, 2014

Stocks back to the black

Star Business Report

Stocks returned to the black yesterday, as the investors took fresh position in shares and mutual fund units anticipating a short-term rally in the market.
Turnover, the most important indicator for the market, advanced 44.55 percent to Tk 456 crore, the highest in the last two weeks, compared to the previous day. DSEX, the benchmark general index of the Dhaka Stock Exchange, closed the day at 4,330.63 points, after gaining 34.28 points or 0.79 percent.
However, turnout of investors at different brokerage houses and merchant banks were thin due to the ongoing blockade along with countrywide strike enforced by the BNP-led 18-party alliance. Many investors took part in the trading over phone.
Meanwhile, the market started the day on a flying tone in the morning and the upward trend continued till the end of the day at 2:30pm.
“Investors reacted positively to the market trigger amid gloomier economic outlook and macroeconomic indicators in red following current political unrest,” LankaBangla Securities said in its analysis.
Investors might have reacted positively to the news of possible cut in lending rate in coming month, the stockbroker said.
“After a single day's break, the market reverted to the black though the national political outlook remained uncertain. Investors might have been expecting a slow down in clashes for the time being which would provide a short breathing space,” said IDLC Investments in its regular market analysis.
An aggregate of 1.11 lakh trades were executed with 10 crore shares and mutual fund units changing hands on the Dhaka bourse.
Gainers took a strong lead over the losers, as out of the 286 issues traded on the DSE floor, 212 advanced, 46 declined and 28 remained unchanged.
All the major sectors ended in the black: pharma gained 1.02 percent, power 1.18 percent, telecoms 0.54 percent, non-bank financial institutions 0.25 percent and banks 0.10 percent.
Summit Purbanchol Power Company featured in the most traded stocks' chart with 33.78 lakh shares worth Tk 25.93 crore changing hands followed by Golden Son, LankaBangla Finance, Summit Power and Generation Next Fashion. National Tubes was the day's highest gainer, posting a rise of 9.76 percent, while Bay Leasing and Investment was the worst loser, slumping by 4.52 percent.
The Chittagong Stock Exchange also ended higher with its selective categories index, CSCX, advancing 71.36 points, to close at 8,508.06 points. Gainers beat losers 133 to 53 with 25 issues remaining unchanged at the port city bourse that traded 1.12 crore shares and mutual fund units with turnover worth Tk 45 crore.

Published: 12:00 am Wednesday, January 08, 2014

Last modified: 10:01 pm Wednesday, January 08, 2014

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