Dhaka stocks gain amid increased turnover

Dhaka stocks gained for the third straight session Monday as the investors went for fresh buying ahead of the national budget.

The benchmark DSE General Index (DGEN), the benchmark of the market, rose 81.84 points or 1.42 per cent to close at 5,844.72.

The broader All Shares Price Index (DSI) went up by 66.19 points or 1.38 per cent and close at 4,863.02. The DSE-20 index comprising blue-chip shares also rose 39.69 points or 1.04 per cent to close at 3,844.40.

The investors are coming to the market with fresh enthusiasm expecting that some capital market-friendly proposals will be made in the upcoming national budget, said a merchant banker.

Meanwhile, the market opened with a positive note, gaining more than 15 points within five minutes of trade. At about 11:50am, the DGEN went to the negative zone for a moment. After that it returned to the positive zone and the upbeat mood continued throughout the session and finally closed 81 points higher.

Participation of small investors is increasing in the market over the expectation that some capital market-friendly proposals will be made in the upcoming national budget, said Md Moniruzzaman, head of merchant banking division, IDLC Finance Limited.

Government and central bank's positive steps in connection with restoration of investors' confidence and recent rise in turnover value are also good for the market, he said.

"Co-ordination efforts of central bank and Securities and Exchange Commission (SEC) also boosted investors' confidence," he added.

Amid increased participation of both small and big investors, turnover increased to Tk 6.70 billion in value terms, up by 19.43 per cent, from Tk 5.61 billion in the previous session.

A total of 74.72 million shares changed hands on the day against 55.87 million in the previous session. The trade deals also increased slightly to 171,482 against Sunday's 142,437.Total market capitalisation of the DSE also increased to Tk 2,712.38 billon against Tk 2,684.85 billion in the previous session.

The gainers took strong lead over the losers as out of 257 issues traded, 176 advanced, 73 declined and eight remained unchanged.

Banking issues gained 2.89 per cent on the day. Only Rupali Bank lost in the sector while 29 issues gained.

Grameenphone lost Tk 0.40 per share and closed at Tk 146.5 on the day and the sector lost 0.61 per cent.

Among the other major sectors, pharmaceuticals gained 1.02 per cent, while fuel and power 1.47 per cent, cement 2.52 per cent and ceramics 0.85 per cent.

NBFIs lost 0.26 per cent, while mutual fund 0.20 per cent and life insurance 0.63 per cent on the day.

United Airways topped the turnover list with shares worth Tk 301.88 million changed hands.

Other turnover leaders were UCBL, MI Cement, BSRM Steels, Meghna Cement, Titas Gas, National Bank, Confidence Cement, Eastern Housing and Beximco Limited.

Barakatullah Electro Dynamics Ltd was the day's highest gainer posting 10 per cent gain.

It was followed by Salvo Chemicals, KPCL, BD Welding, OCL, UCBL, GQ Ball Pen, MI Cement, AB Bank and Summit Alliance Port Limited.

The day's top losers included MBL First Mutual Fund, Dulamia Cotton, Anwar Galvanising, Phoenix Finance First Mutual Fund, Shyampur Sugar Mills Ltd, Popular Life Insurance, Alltex Industries, Chittagong Vegetable, Zeal Bangla Sugar Mills and Mithun Knitting.