Dhaka, Bangladesh (BBN)-Bangladesh’s stocks witnessed sharp gain on Tuesday with prime index of the Dhaka Stock Exchange (DSE) hitting four months high as investors went for buying spree on large cap stocks.
The market started with an upward trend and the prime index of the DSE – DSEX - surpassed the ‘psychological’ threshold of 4,600-mark and ended at 4,602.43 points after surging 47.46 points or 1.04 per cent.
It is four-month high level of DSEX since April 28.
The DS30, comprising blue chips and the DSE Shariah Index touched at highest points of 1,746.00 points and 1,083.57 points, respectively from the inception after gaining 23.31 points and 18.65 points on Tuesday.
The total turnover improved to BDT 5.52 billion, registering an increase of 10.01 percent over the previous session’s value of BDT 5.01 billion.
“DSE went for a bullish outlook as investors finally overcome their recent indecisiveness and became optimistic about the market’s future prospects,” commented International Leasing Securities.
Zenith Investments said: “DSE indices extended previous session’s gains, as investors simultaneously gathered to inject more funds into the stock market”.
Overall health of the market looks quite positive, but investors should be careful in selecting and differentiating between fundamentally sound issues and gambling issues, the Zenith Investments added.
LankaBangla Securities said: “Market roared hitting the day’s close crossing over the ‘psychological’ level 4,600 points-mark.”
“Clienteles were assessing valuation level of the market and re-positioning in lucrative blue chip scrip,” said IDLC Investments.
Most of the mutual funds secured worst position in top ten losers list, due to post record date adjustment, said the merchant bank.
Gainers outpaced losers as out of 304 issues traded, 207 advanced, 67 declined and 30 remained unchanged on the DSE floor.
Beximco was the day’s most traded stocks with shares worth BDT 249.24 million changing hands followed by GP, Lafarge Surma Cement, MJL BD and Beximco Pharma.
Agni System was the day’s highest gainer, posting a rise of 9.62 percent while AIMS First Mutual Fund was the day’s worst loser, slumping by 26.77 percent following its price adjustment after record date.
The port city bourse, Chittagong Stock Exchange (CSE) also closed higher with its Selective Categories Index – CSCX – gained 78.21points to close at 8,675.05 points.
Gainers beat losers 147 to 52, with 25 issues remaining unchanged at the port city bourse that traded 13.60 million shares and mutual fund units, turnover value of BDT 410.69 million.
BBN/BB/ANS-02Sept14-7:25pm (BST)