Buoyant investors fuel stocks to hit new high
Increased participation of buoyant investors has helped the index of Dhaka Stock Exchange (DSE) reach a new high today.
The DSEX, the benchmark index of the DSE, edged up 8.06 points, or 0.12 per cent, to 6,425.25 -- the highest ever points level since its inception in 2013.
Earlier on July 25, the index touched 6,424 points which was also a record at that time.
Investors hope the index will continue to rise as money flow in the banking sector may flood the stock market, said a merchant banker.
Their expectation to see it continuously rising is not illogical as banks' funds have already started coming to the market, he said.
The banking sector had a huge excess liquidity of Tk 231,462 crore as of June, up 66 per cent year-on-year and 9 per cent from a month ago, according to Bangladesh Bank data.
The monetary policy for the current fiscal year is scheduled to be announced today.
If the government introduces an expansionary monetary policy, then the market will get more liquidity, the merchant banker added.
Turnover, another important indicator of the market, up 11.8 per cent to Tk 1,521 crore today.
At the DSE, 159 stocks advanced, 167 declined and 48 remained unchanged.
Coppertech Industries topped the gainers' list that rose 10 per cent followed by AFC Agro Biotech, Metro Spinning, Deshbandhu Polymer, and Far Chemicals.
Stock of Beximco Ltd traded mostly that worth Tk 60 crore followed by GPH Ispat, SAIF Powertec, BATBC, and Active Fine Chemicals.
Zeal Bangla Sugar Mills shed mostly that fell 5.35 per cent followed by Central Insurance, NRB Commercial bank, Delta Life Insurance, and Shinepukur Ceramics.
The port city bourse also rose yesterday. The CASPI, the general index of the Chittagong Stock Exchange, advanced 13 points, or 0.07 per cent, to 18,635.
Among 315 traded stocks, 141 advanced, 138 dropped, and 36 remained unchanged.