FE Report
Stocks finished higher for the two consecutive sessions Wednesday with key index of the prime bourse crossing the 5400-mark once again as optimistic investors continued their buying spree on large-cap stocks.
Analysts said the market extended the winning spell just ahead of unveiling the national budget as some enthusiastic investors took position on large-cap issues from food & allied, bank, power and financial institutions sectors amid optimism.
Finance Minister AMA Muhith will unveil the national budget for the fiscal year (FY) 2017-18 today (Thursday).
The market started the session with positive vibe and continued till the closure as the enthusiastic investors were active on sector specific large-cap issues, finally ended nearly 30 points higher.
DSEX, the prime index of the Dhaka Stock Exchange (DSE) settled at 5,403, advancing 29.85 points or 0.55 per cent over the previous session.
International Leasing Securities, a stockbroker, said, "The market witnessed an extension of its earlier session's winning streak amidst enthusiastic participation from the investors".
The stockbroker noted that recent downbeat momentum has tempted the bargain hunters to take position on fundamentally sound stocks ahead of unveiling the national budget for the FY 2017-18.
The two other indices also edged higher. The DS30 index, comprising blue chips advanced 13.19 points or 0.66 per cent to finish at 2005. The DSE Shariah Index (DSES) gained 2.63 points or 0.21 per cent to close at 1,251.
Turnover, the most important indicator of the market, crossed the Tk 5.0 billion mark after three sessions and stood at Tk 5.06 billion, which was 59 per cent higher than the previous day's nine months lowest value of Tk 3.18 billion.
IDLC Investments, a merchant bank, said, "The market exerted strong bullish vibe throughout the session, lifting up 154 scrips in the green with 29.9 points gain in the broad index DSEX".
The merchant bank noted that block trades contributed Tk 681 million or 13.5 per cent of total turnover, with Tk 436.4 million worth of trades coming from Rahima Food Corporation alone.
Bank sector emerged as turnover leader, contributing 15 per cent of the day's total turnover value, closely followed by textile with 14 per cent and fuel and power 13 per cent.
The port city bourse, the Chittagong Stock Exchange (CSE), also finished higher with its Selective Categories Index - CSCX - advancing 4.65 points to settle at 10,129.
Gainers beat losers as 108 issues closed higher, 88 ended lower and 39 remained unchanged on the CSE.
The port city bourse traded 10.98 million shares and mutual fund units' worth Tk 1.73 billion in turnover.
