Dhaka, Bangladesh (BBN) – Bangladesh’s stocks finished higher on Tuesday amid increased turnover, after a flat session in the previous day, as investors went on buying spree especially on banks.
Analysts said the market showed a strong sign of reversal with increased turnover after observing two volatile trading sessions and, logged all time high of the DSEX largely driven by the bank sector.
The market opened higher in the morning and the key index of the major bourse gained 40 points within first 30 minutes as investors went for a buoyant participation in the stocks of financial sector.
The key Index of DSE gained 29.1 points while the Selective Category Index of port city bourse advanced 49.64 points at the closing.
DSEX lost some of its initial gain at this stage, as investors concentrated on booking profits of the non-financial stocks.
The market moved sideways for the rest of the session within a tight range of 10 points and, finally closed at 5,724.9 points, up by 29.1 points from the previous day.
It was the highest level of DSEX since its inception on January in 2013.
“The newspaper news of government planning to raise funds from the capital market through listing of state-owned companies as well as offloading of government stakes in different multinational companies also prompted the investors to remain active,” said an analyst.
The blue chip DS30 went up by 4.37 points 0.21 per cent or to close at 2065 points.
However, the shariah based index DSES sheds 4.76 points or 0.36 per cent or to close at 1,300.43 points.
The turnover Tuesday stood at above BDT 12.63 billion which was 27 percent higher than the turnover of the previous session.
Losers surpassed gainers by 169 to 129; the index closed in green zone, reflecting continuation of profit-booking in the shares of non-financial sectors.
AB Bank was the turnover leader by featuring a turnover of BDT 736.30 million which was 5.80 per cent of the market turnover.
AB Bank also topped the gainers’ chart with a rise of 9.83 per cent to close at BDT 26.80 on Tuesday.
The turnover of the City Bank was above BDT 475.20 million which was 3.80 per cent of the market turnover.
The company’s shares were traded at the prices ranging BDT 37.80 to BDT 39.10.
LankaBangla Finance captured 3.5 per cent of the market turnover by registering a turnover of BDT 438.90 million. The company’s market price rose 3.89 per cent to close at BDT 61.50.
The United Commercial Bank posted a turnover of BDT 382.90 million and captured 3.0 per cent of the market turnover.
The company’s market price rose 5.31 per cent or BDT 1.20 to close at BDT 23.70.
The turnover of the RSRM Steel was BDT 347.50 million which was 2.8 per cent of the market turnover.
The company’s share trading was closed at BDT 93.40, which was 1.30 per cent higher than the previous session.
AB Bank was the day’s best performer, posting a 9.83 percent gain, while Padma Life Insurance was the worst loser, slumping by 4.62 per cent.
The port city bourse, the Chittagong Stock Exchange (CSE) ended higher with its Selective Categories Index – CSCX – advancing 49.64 points to settle at 10,766 points.
Losers beat gainers as 124 issues closed lower, 107 closed higher and 24 remained unchanged on the CSE.
The port city bourse traded 34.87 million shares and mutual fund units’ worth over BDT 941 million in turnover.