Dhaka stocks witnessed a bullish session yesterday, a day after a bomb hoax rattled the market on Monday, with the key index, DGEN, reaching a one-year high at 3,010.26 points.
The rally in share prices also led the single day turnover to cross Tk 900 crore for the first time. The turnover was recorded at Tk 942.19 crore that surpassed the previous highest of Tk 834 crore on June 21 this year.
The benchmark index of Dhaka Stock Exchange, DSE General Index (DGEN), jumped by 57.63 points, or 1.95 percent. The DGEN closed at 3,020.3 points on July 6 last year.
Market operators said the bomb hoax, which was made to destabilise the market and create panic among investors, could not cast any impact.
The market witnessed some records that are good signs, DSE President Rakibur Rahman told The Daily Star.
“It shows that our investors are very conscious and matured enough. They came to know that the bomb threat was a false one and plotted to destabilise the market,” he said.
The DSE received a hoax bomb threat Monday that forced the premier bourse to close its trading 45 minutes ahead of schedule.
Rahman however suggested that the investors be cautious about investment when the market witnesses an upward trend. "The investors should analyse the fundamentals of securities before making investment during a bullish period. Or they should wait for a correction in share prices," he added.
The market rallied yesterday in the opening session with a 45-point jump during the first 90 minutes, thanks to gains in cement, pharmaceuticals, and fuel and power sectors' shares.
In the cement sector, Lafarge Surma Cement gained the highest 6.1 percent, while in the pharmaceuticals sector, Beximco Pharma increased by 3.2 percent, ACI Limited 0.4 percent, ACI Formulations 2.2 percent and Renata by 1.8 percent. Square Pharma and GlaxoSmithKline however lost 0.7 percent and 1.8 percent respectively.
In the fuel and power sector, Titas Gas gained 2.6 percent, Powergrid 2.6 percent, Desco 1.3 percent and Summit Power 1.2 percent.
During the mid-session, the market was quite stable. After that, the index started to rise once again and persisted for rest of the session. In this period, banks contributed the most, Equity Partners Limited (EPL), an investment firm, said in its daily market analysis.
Almost all the banks gained by large margins. Mercantile Bank, which rose by 24.1 percent, and ICB Islamic Bank, which increased by 13 percent, led the way. Mercantile Bank's corporate declaration about its intention to collect capital in various forms has created a significant buying pressure for the bank, the EPL said.
"Investors' confidence has increased in recent times which has caused new funds being injected in the market," the EPL analysis added.
The advancers beat the losers 179 to 68. A total of 4,32,54,081 shares were traded on the premier bourse.
Chittagong stocks also posted a sharp rise yesterday. The CSE Selective Categories Index went up by 162.8 points, or 2.46 percent, to 6,772.23.
A total of 74,38,973 shares worth Tk 120.38 crore changed hands on the Chittagong Stock Exchange. Of the traded scrips, 140 advanced, 32 declined and six remained unchanged.
Source: thedailystar.net
