Stocks buoyant on investor confidence

Share prices on the Dhaka Sock Exchange gained for the second day as investors gained confidence to inject fresh funds into the market.
DSEX, the benchmark general index of the DSE, gained 22.71 points or 0.53 percent, to close the day at 4,271.15 points.
An upbeat tone hit the market from the beginning, recording 47 points surge within first one and half hour, and finally closed in the black at the ending session.
“Overall turnover continued to witness robust growth, indicating investors are continuing to buy stocks, riding on confidence,” stated LankaBangla Securities.
Turnover advanced 4.67 percent to 438 crore, compared to the previous day.
“Buoyancy continues in the bourse as both index and turnover kept up climbing in the second session of the week,” IDLC Investments said.
“Apparently, improvement in turnover over last few sessions has acted as a strong catalyst in improving overall investor confidence, and has drawn previously side-benched investors back to market,” it said.
“In addition, earnings expectations inspired investors for taking positions between sectors and scrips, thus keeping the wheel of turnover under roll.”
A total of 1.18 lakh trades were executed with 11.30 crore shares and mutual fund units changing hands on the Dhaka bourse.
General insurance accelerated 2.66 percent, followed by textile 1.46 percent and banks 1.12 percent.
The power sector saw a cool-down over profit booking by prudent investors as it lost 1.26 percent.
Of the 276 issues that traded on the Dhaka bourse, 183 advanced, 76 declined and 17 remained unchanged.
Green Delta Insurance Company and Summit Alliance Port touched the circuit breaker, the highest price-gaining limit in a single day, thanks to investors' expectations of good corporate results.
Green Delta Insurance yesterday traded at Tk 84.9 and Summit Alliance Port Tk 35.6. Green Delta Insurance was the biggest gainer of the day, as it rose 9.97 percent, while Libra Infusions was the worst loser, plunging by 3.79 percent.
United Airways featured in the most traded stocks chart with 95.69 lakh shares worth Tk 22.75 crore changing hands.
Summit Purbanchol Power Company and Unique Hotel and Resorts Company were the next popular stocks of the day.