Dhaka, Bangladesh (BBN)– Investors in shares continued to take position on profit expectation amid pre-budget speculations, pushing up the turnover to an ever-highest BDT 7.81 billion, market operators said.
The speculative trading in the Dhaka Stock Exchange (DSE) also contributed to the year’s second biggest single-day gains in the benchmark index, rising for the fifth straight day by 107 points or about 4 percent to close at 2,790 from 2,683 points on Thursday.
On February 12 this year, the DSE General Index had gained 122 points, the year’s highest mark, while its closest level was at 2,795 points on December 30 last year.
Despite the apparently desperate bid in taking position, market operators witnessed a healthy sign that the investors were mostly bidding for the fundamentally good shares to drag their prices up.
There are speculations that the corporate tax of the banking companies will be reduced in the next budget to help increase the profitability of the commercial banks, and the undisclosed money will be allowed to be invested in the stock market.
They said the banks and financial institutions dominated the market during the day’s trading as the screen demonstrated. All the top 10 gainers of the day were from the banks and financial institutions.
The stocks in the list of DSE-20 of selective shares did their best ever single-day performance on the day as the DSE-20 index gained 123 points or about 6 percent to close at 2,216 from 2,092 points on Thursday.
The DSE-20 index rose to the level after about five months as it stood at 2,218 points on January 14.
Of the total 242 issues traded on the day, 147 registered gains while 90 incurred losses and five remained unchanged.
The All Share Price Index (DSI) increased 84 points or 3.75 percent to close at 2,318 on Sunday from 2,234 points on the previous day.
The market capitalization increased to BDT 1.120 trillion from BDT 1.091 trillion on Thursday.
BBN/SS/SI/AD-08June09-2:39 am (BST)