Stocks gained for the second straight day yesterday, spurred by better-than-expected half-yearly earnings and the central bank’s hint about capital-market friendly monetary policy to be announced Saturday next.
Investors injected fresh fund hoping gain in the future but some, however, were still cautious about possible political unrest after Eid to be celebrated last week of this month, dealers said.
The benchmark DSEX rose more than 29 points or 0.7% to end at 4,424. The Shariah index gained marginally 8 points or 0.9% up to 999. The comprising blue chips DS30 closed at 1,618 with rise of 12 points or 0.8%.
Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, was up 43 points to 8,388.
Trading activities improved significantly, as the DSE turnover stood at Tk375, which was more than 21% higher over the previous session.
IDLC Investments said with earnings declarations being on the driving seat, market subdued the recent monotonous down trend for the second day.
“The session started in a flurry, with promising earnings figures appearing early in the morning. Along with this, hope for a capital market friendly monetary policy assisted investors to revive enthusiasm.”
Telecommunication sector accounted for 16% of the total trading and rose 1.5% following positive earnings and dividend declaration by heavyweight Grameenphone that rallied 1.6%.
The country’s top telecom company showed up 13.66% growth in its half-yearly net profit. The company also declared 95% interim dividend.
Lanka Bangla Securities said equity market continued positive momentum for yet another session on yesterday backed by cue of recovery in quarterly earnings of stocks.
Zenith Investments said the market is getting back in shape as the earnings season started streaming in, arousing investors’ enthusiasm and attracting fresh funds towards stocks.
“Buying spree behavior of investors have magnified the strength of total turnover volume and also pushed the index to the region of positivity.”
Beximco continued leading the chart for the sixth consecutive session with Tk49 crore changing hands, followed by Grameenphone, Padma Oil, Lafarge Surma Cement, Shahjibazar Power Company, Olympic Industries, Square Pharmaceuticals and Generation Next.
