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Stocks extend winning run


০৬ জানুয়ারি ২০১৭ শুক্রবার, ০৯:৫০  পিএম

শেয়ার বিজনেস24.কম


Stocks extend winning run

Stocks witnessed yet another bullish session on Thursday, extending the gaining spell for the ten sessions in a row, as enthusiastic investors continued their buying spree on large-cap stocks.

Analysts said the market`s upbeat note sustained having optimistic support of some large-cap stocks despite a section of investors booked some profit during the early hours of trading.

"The market passed another cheerful session as investors continued their buying binge amid spontaneous participation backed by hopes and excitements, taking the prime index of the premier bourse nearly 27 months` high," said an analyst at a leading brokerage firm.

The market started the day on an optimistic note and the key index of the primer bourse rose about 20 points within first 10 minutes, but it also lost 10 points within the first hour of trading. However, rest of the session went up steadily, ultimately ending 25.64 points higher.

DSEX, the prime index of the DSE, went up by 25.64 points or 0.49 per cent to settle at 5,182.25, which was the highest level of DSEX since October 21, 2014 when the key index was 5,234. DSEX added about 258 points or 5.24 per cent during the past 10 consecutive sessions.

LankaBangla Securities, a stockbroker, said, "Index moved straight up to 5,176 level and then a sharp fall brought it down to 5,147 level during the mid-session of the trading day".

The stockbroker noted that index slowly recovered itself and closed at 5,182.25 points. The next major resistance level lies at 5,200-mark.

The two other indices also ended higher. The DS30, comprising the blue-chips, advanced 8.32 points or 0.45 per cent to close at 1,864.24. The DSE Shariah Index (DSES) rose 3.72 points or 0.31 per cent to close at 1,222.19.

Sheltech Brokerage, said, "The prime index extended the gaining streak for 10 continuous sessions as optimistic investors remained active on sector-specific stocks".

The stockbroker noted that though quick gaining stocks faced some correction during the periods of early trading, large-cap stocks helped the market continue its upward trend.

Turnover, the crucial indicator of the market, remained encouraging and the total turnover stood at Tk 12.45 billion, which was 3.0 per cent higher than the previous day`s Tk 12.09 billion.

Engineering sector continued to lead the turnover chart, grabbing 22 per cent of the day`s total turnover value, followed by textile 14 per cent and pharmaceuticals 12 per cent.

International Leasing Securities, a stockbroker, said, "The stocks retained the bullish trend for ten consecutive sessions as the optimistic investors continued their buying spree amid growing confidence."

"The investors` sentiment regarding the market remained optimistic as some selective stocks especially from travel, financial institutions and miscellaneous sectors attracted the investors most," said the stockbroker.

The large-cap sectors showed mixed performance on the day. The non-bank financial institutions posted the highest gain of 1.40 per cent, followed by banks 0.73 per cent, engineering 0.68 per cent and food and allied 0.13 per cent.

Telecommunication sector witnessed a 0.37 per cent loss, followed by fuel and power 0.29 per cent and pharmaceuticals 0.02 per cent.

The gainers took a slight lead over the losers as out of 326 issues traded, 147 closed higher, 138 closed lower and 41 remained unchanged on the DSE trading floor.

Beximco dominated the DSE turnover chart with about 18.59 million shares worth Tk 557 million changing hands, followed by IFAD Autos, Saif Powertec, Ratanpur Steel Re-rolling Mills and DESCO.

Rangpur Foundry was the day`s highest gainer, posting a 9.88 per cent rise while S Alam Cold Rolled Steels was the worst loser, slumping 5.36 per cent.

The port city bourse - Chittagong Stock Exchange (CSE) - also closed marginally higher with its Selective Categories Index CSCX advancing 58.38 points to settle at 9,644.24 points.

Gainers managed to marginally beat losers as 119 issues closed higher, 118 closed lower and 24 remained unchanged on the CSE.

The port city bourse traded 25.67 million shares and mutual fund units worth over BDT 734 million in turnover.

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