12:00 AM, July 22, 2014 / LAST MODIFIED: 01:53 AM, March 08, 2015

Stocks return to black as investor confidence grows

Stocks return to black as investor confidence grows

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Star Business Report

Stocks returned to the black yesterday, powered by an investors' buying spree amid earnings expectations.

DSEX, the benchmark general index of the Dhaka Stock Exchange, closed the day at 4,394.94 points, after gaining 20 points or 0.47 percent. The shariah index of the premier bourse, DSES, rose 7.44 points or 0.47 percent, to close at 991.

Strong demand for large-cap stocks, triggered by earnings expectations kept market sentiments upbeat, said IDLC Investments.

Investors rebalanced their portfolios by injecting some fresh funds, as they reacted to disclosed earnings and undisclosed earnings expectations, the investment banker said.

The monetary policy due next week was also eyed by the market players.

The market has gone back to the growing turnover trend implying an increase in investor confidence and lulled the selling pressure, following the flow of better than expected quarterly declarations, especially of financial stocks, said LankaBangla Securities.

Turnover advanced 17.19 percent to Tk 309 crore from the previous day. A total of 0.75 lakh trades were executed with 7.41 crore shares and mutual fund units changing hands on the Dhaka bourse.

The gainers took a strong lead over losers with 174 to 92, as 32 remained unchanged out of 303 issues that traded on the DSE.

All the large-cap sectors closed positive: telecoms advanced 3.4 percent, mainly driven by Grameenphone's 3.6 percent gain. Telecoms rose 1.14 percent, pharma 1.14 percent, non-bank financial institutions 1.13 percent, power 0.32 percent and food and allied 0.25 percent.

Beximco that gained 5.9 percent remained the most traded stock for seven straight sessions, with 1.14 crore shares worth Tk 43 crore changing hands. It was followed by Shahjibazar Power Company, Square Pharma and Olympic Industries.

Exim Bank First Mutual Fund posted the highest gain of 8.86 percent, while Standard Insurance Company was the worst loser, plunging by 4.72 percent.

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