Dhaka stocks rebounded strongly Monday, a day after massive fall, and gained more than four per cent as the investors went for fresh buying availing the attractive prices of shares.
However, the market opened with a negative note and lost 67 points within five minutes. After that it rebounded sharply and the positive trend continued and DGEN, benchmark of the bourse, finally closed 228 points higher.
Market insiders said institutional investors mainly financial institutions were active in Monday's trading as most of the shares' prices were attractive.
Mr Yawer Sayeed, managing director of AIMS of Bangladesh, said the market fell massively Sunday amid widespread remour that vested quarters wanted to create pressure on government to allow investment of black money in share market.
"The investors realised the vested quarters' motives and went for fresh buying Monday," he said.
"Institutional investors were active on the day along with small ones as a result the market bounced back," said Mr Sayeed.
However, he said authorities concerned should request the government to consider its budgetary proposal relating to tax on brokerage commission of the stockbrokers.
DSE Director Ahmed Rashid Lali said institutional investors might have stopped selling of shares ahead of June closing which contributed to the Monday's significant rise.
Meanwhile, despite the ongoing countrywide 36-hour hartal, the brokerage houses fulfill the quorum Monday within the scheduled time and the trading server was logged-in by over 200 brokerage houses, a DSE official said.
However, attendance of investors was thin at the brokerage houses like the previous session and many investors executed buy and sell orders over telephone, said a market insider.
The benchmark DSE General Index (DGEN), the yardstick of the market, rose 228.44 points or 4.02 per cent to close at 5,904.73.
The broader DSE All Shares Price Index (DSI) also gained 187.73 points or 3.97 per cent to close at 4,908.02. The DSE-20 blue chip index rose 139.94 points or 3.72 per cent to close at 3,894.60.
Most of the traded shares advance on the day. Out of 254 issues traded, 247 advanced and only seven declined.
However, turnover slightly declined on the day and stood at Tk 5.67 billion in value terms against Tk 5.96 billion in the previous session.
All the sectors gained as market witnessed buying pressure all across the board.
Banking issues, the market's bellwether, was the biggest gainer, rising 6.30 per cent on the day after losing more than 6.0 per cent in the previous session.
Among the notable gainers---NBFIs, telecommunications and fuel and power sectors advanced 4.05 per cent, 2.92 per cent and 1.64 per cent respectively.
Mutual fund gained 1.89 per cent, while general insurance 4.06 per cent, life insurance 3.10 per cent, pharmaceuticals 2.10 per cent, cement 2.88 per cent, textile 3.36 per cent and ceramics 2.95 per cent.
A total of 73.18 million shares changed hands on the day against 74.92 million in the previous session. The trade deals also declined to 156,859 against Sunday's 167,228.
Total market capitalisation of the DSE increased to Tk 2,725.08 billion against Tk 2,643.02 billion in the previous session.
UCBL topped the turnover list with shares worth Tk 397.40 million changed hands.
Other turnover leaders were United Airways, National Bank, Uttara Bank, Aftab Automobiles, Peoples Leasing, Pubali Bank, City Bank, MI Cement and BSRM Steels.
Pubali Bank was the day's top gainer posting 9.97 per cent gain.
It was followed by Eastern Bank, Uttara Bank, UCBL, Rupali Insurance, Dhaka Bank, National Bank, Premier bank, Meghna Condensed Milk and Kay and Que.
Only seven issues lost on the day, they were ICB AMCL Islamic Mutual Fund, Renwick Jajneswar & Co (Bd), Rahim Textile, Gemini Sea Food, Reckitt Benckiser (Bd.) Ltd, Phoenix Finance First Mutual Fund and IBBL Mudaraba Perpetual Bond.
However, the market opened with a negative note and lost 67 points within five minutes. After that it rebounded sharply and the positive trend continued and DGEN, benchmark of the bourse, finally closed 228 points higher.
Market insiders said institutional investors mainly financial institutions were active in Monday's trading as most of the shares' prices were attractive.
Mr Yawer Sayeed, managing director of AIMS of Bangladesh, said the market fell massively Sunday amid widespread remour that vested quarters wanted to create pressure on government to allow investment of black money in share market.
"The investors realised the vested quarters' motives and went for fresh buying Monday," he said.
"Institutional investors were active on the day along with small ones as a result the market bounced back," said Mr Sayeed.
However, he said authorities concerned should request the government to consider its budgetary proposal relating to tax on brokerage commission of the stockbrokers.
DSE Director Ahmed Rashid Lali said institutional investors might have stopped selling of shares ahead of June closing which contributed to the Monday's significant rise.
Meanwhile, despite the ongoing countrywide 36-hour hartal, the brokerage houses fulfill the quorum Monday within the scheduled time and the trading server was logged-in by over 200 brokerage houses, a DSE official said.
However, attendance of investors was thin at the brokerage houses like the previous session and many investors executed buy and sell orders over telephone, said a market insider.
The benchmark DSE General Index (DGEN), the yardstick of the market, rose 228.44 points or 4.02 per cent to close at 5,904.73.
The broader DSE All Shares Price Index (DSI) also gained 187.73 points or 3.97 per cent to close at 4,908.02. The DSE-20 blue chip index rose 139.94 points or 3.72 per cent to close at 3,894.60.
Most of the traded shares advance on the day. Out of 254 issues traded, 247 advanced and only seven declined.
However, turnover slightly declined on the day and stood at Tk 5.67 billion in value terms against Tk 5.96 billion in the previous session.
All the sectors gained as market witnessed buying pressure all across the board.
Banking issues, the market's bellwether, was the biggest gainer, rising 6.30 per cent on the day after losing more than 6.0 per cent in the previous session.
Among the notable gainers---NBFIs, telecommunications and fuel and power sectors advanced 4.05 per cent, 2.92 per cent and 1.64 per cent respectively.
Mutual fund gained 1.89 per cent, while general insurance 4.06 per cent, life insurance 3.10 per cent, pharmaceuticals 2.10 per cent, cement 2.88 per cent, textile 3.36 per cent and ceramics 2.95 per cent.
A total of 73.18 million shares changed hands on the day against 74.92 million in the previous session. The trade deals also declined to 156,859 against Sunday's 167,228.
Total market capitalisation of the DSE increased to Tk 2,725.08 billion against Tk 2,643.02 billion in the previous session.
UCBL topped the turnover list with shares worth Tk 397.40 million changed hands.
Other turnover leaders were United Airways, National Bank, Uttara Bank, Aftab Automobiles, Peoples Leasing, Pubali Bank, City Bank, MI Cement and BSRM Steels.
Pubali Bank was the day's top gainer posting 9.97 per cent gain.
It was followed by Eastern Bank, Uttara Bank, UCBL, Rupali Insurance, Dhaka Bank, National Bank, Premier bank, Meghna Condensed Milk and Kay and Que.
Only seven issues lost on the day, they were ICB AMCL Islamic Mutual Fund, Renwick Jajneswar & Co (Bd), Rahim Textile, Gemini Sea Food, Reckitt Benckiser (Bd.) Ltd, Phoenix Finance First Mutual Fund and IBBL Mudaraba Perpetual Bond.
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