Stocks power through political turmoil
Stocks gained yesterday despite the dawn-to-dusk hartal enforced by the Bangladesh Jamaat-e-Islami.
DSEX, the benchmark general index of the Dhaka Stock Exchange, finished the day at 4,191.5 points, after surging 26.88 points, or 0.65 percent.
“The ongoing political situation seems to have had an impact on the session. Although DSEX posted a 26.88 points gain, turnover dropped by 25 percent,†IDLC Investments said in its market commentary.
Turnover on the DSE stood at Tk 266 crore.
The DSEX lost 14 points in the first one and a half hours of the session.
But the market regained momentum after the news of the war crimes tribunal's life sentence on Jamaat leader Abdul Quader Mollah came out.
A total of 0.96 lakh trades were executed, with 6.75 crore shares and mutual fund units changing hands on the Dhaka bourse.
Of the 277 issues that traded on the DSE floor, 186 advanced, 68 declined and 18 remained unchanged.
All the major sectors posted gains except banks, which lost 0.10 percent.
Power, however, was the biggest market mover, gaining 2.48 percent, followed by telecoms 1.88 percent, non-bank financial institutions 1.01 percent and pharma 0.86 percent.
Summit Purbanchol Power Company was the most traded stock for the second day in a row, owing to its transaction of 32.27 lakh shares worth Tk 19.43 crore.
United Airways and Grameenphone were the next popular stocks of the day.
Kohinoor Chemicals was the day's biggest gainer, posting a 9.69 percent gain, while Fifth ICB Mutual Fund was the worst loser, plunging 4.41 percent.
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