Stocks surge amid growing confidence

Dhaka stocks surged yesterday with turnover crossing Tk 600 crore for the second time this year amid growing confidence and participation by investors.
Turnover gained 36.27 percent to reach Tk 645 crore, compared to the previous day. DSEX, the benchmark index of the Dhaka Stock Exchange, closed the day at 4,062.74 points, after gaining 55.91 points or 1.39 percent.
Spontaneous participation backed by hopes and excitements helped the market gain 43 points from the previous session, IDLC Investments said in its regular market analysis.
Fundamental stocks continued to get investors' attention as those achieved better risk-adjusted returns, it added.
The bullish momentum of the major indices continued for the second day as investors are feeling more confident about the prospect of their investments, LankaBangla Securities said. “Increasing turnover is also confirming their belief.”
A total of 1.49 lakh trades were executed with 15.77 crore shares and mutual fund units changing hands on the Dhaka bourse.
Of the 286 issues that traded on the DSE, 161 advanced, 106 declined and 19 remained unchanged.
Bangladesh Submarine Cable Company featured on the most-traded stocks' chart with 16.23 lakh shares worth Tk 31 crore changing hands.
National Housing and Finance and Investment was the biggest gainer of the day, posting a rise of 9.93 percent, while Reckitt Benckiser was the worst loser, plunging 7.15 percent.
All the major sectors ended in green except power, which faced mild correction of 0.24 percent.
Non-bank financial institutions gained 3.41 percent, banks 0.68 percent, pharma 0.74 percent and telecoms 0.66 percent.
The Chittagong Stock Exchange also ended higher with its selective categories index, CSCX, gaining 75.11 points or 0.65 percent, to close at 7,966.
Gainers beat losers 104 to 81, while 14 issues remained unchanged on the port city bourse that traded 1.43 crore shares and mutual fund units with a turnover of Tk 49.78 crore.