Turnover at the Dhaka Stock Exchange jumped 44 percent yesterday riding on stocks of a group of 10 companies that solely contributed around 31 percent of the total turnover.
Industry experts also attributed the rise to the stocks of Saiham Textile and Saiham Cotton, which attracted a total of Tk 74.34 crore, almost 10 times higher than their regular turnover.
Some Tk 250.19 crore of the day's total turnover of Tk 803.05 crore—up from Tk 556.54 crore on Sunday—came from Saiham Textile, Intech Limited, United Power, Kattali Textile, Saiham Cotton, Khulna Power, Monno Ceramic, Indo-Bangla Pharmaceuticals, BBS Cables and SK Trims.
“It is not the business growth of the 10 companies that fuel the turnover. Rumours played the main role here,” said a top official of a merchant bank, preferring anonymity.
“This is not a good sign.”
“It may hamper their investment, but the good thing is turnover is rising, which means investors have liquid money and confidence,” he said. The key index of the Dhaka stocks remained almost the same as the benchmark index of the DSE, DSEX, rose 1.04 points or 0.01 percent to close the day at 5,257.10 yesterday.
Saiham Textile was the top traded stock with 93.16 lakh shares worth Tk 53.67 crore changing hands.
Among the major sectors, food increased 0.5 percent, pharmaceuticals 0.4 percent and energy 0.2 percent while engineering fell 0.1 percent, bank 0.2 percent, NBFI 0.9 percent and telecom 1.4 percent.
IT Consultants was the day's best performer with a 9.98 percent gain while BBS Cables was the biggest loser, shedding 10 percent.
Losers outnumbered gainers by 157 to 126, while 52 securities remained unchanged.
The key index of the port city bourse also rose by 7.03 points, finishing the day at 9,781.64.
The Chittagong Stock Exchange traded 1.01 crore shares and mutual fund units worth Tk 31.98 crore.