Turnover hits eight-month high

Turnover on the Dhaka Stock Exchange yesterday hit an eight-month high, powered by investors' buying spree amid growing optimism.
Considered the most important indicator of a market's vitality, turnover stood at Tk 752 crore, up 16.60 percent from the previous day.
DSEX, the benchmark index of the Dhaka Stock Exchange, closed the day at 4,103.39 points, after gaining 40.64 points, or 1 percent.
Active participation has increased substantially, which helped market turnover break last eight months' resistance level, stated IDLC Investments in its market analysis.
IDLC added that investors gravitated towards fundamentally sound stocks during the session.
The market has seen modest gains in capitalisation as optimistic buyers and sellers with profit-taking motive were active on both the frontiers, LankaBangla Securities said.
“Increasing turnover with capitalisation gain indicates strength of movement of the market. Investors continued to pour money into the stocks they think will generate value for the long-term.”
The steep correction of 2.02 percent in the telecoms sector was offset by the gains in the other sectors.
Banks rose 2.91 percent, followed by pharma 0.40 percent and power 0.17 percent.
Non-bank financial institutions lost 0.28 percent, after registering hefty gains in the last two sessions.
Bangladesh Submarine Cable Company topped the most-traded stock chart with its transaction of 58.46 lakh shares worth Tk 34.59 crore.
Singer Bangladesh was the biggest gainer of the day, posting a rise of 9.94 percent, while Sandhani Life Insurance was the worst loser, plunging by 21.55 percent.
The Chittagong Stock Exchange also ended on a higher note, with its selective categories index, CSCX, gaining 1003 points, or 1.3 percent, to close at 8.069.
Gainers beat losers by 113 to 84, while 13 issues remained unchanged on the port city bourse that traded 2.15 crore shares and mutual fund units at a turnover of Tk 66.76 crore.