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Dhaka stocks finished upbeat Wednesday for the second straight day on an investor buying spree, which caused over 70 per cent of issues to gain, reports bdnews24.com.
The day’s highs were largely driven by pharmaceutical and non-banking financial institutions (NBFIs), according to brokers.
“NBFIs gained the most, on expectation of their capital base doubling,” an official of brokerage house Royal Securities told the news agency.
The official, however, said the buying spree had followed depressed market prices.
“Buying often occurs after a few days of losses to gain benefit from the low prices,” said Salahuddin Ahmed Khan, a former CEO of Dhaka Stock Exchange.
Salahuddin expressed doubt on the sustainability of the trend: “Market participation is dropping day-by-day, which is apparent from the declining turnover.”
He said a further fall in turnover is expected ahead of Eid: “Funds will probably be pulled for festival expenses.”
Meanwhile, pharmaceutical shares gained significantly, followed by mutual funds, although the bellwether, banks, ended mixed. Most insurers eroded Tuesday’s gains, although some ended upbeat while fuel and power shares edged up and cement shares continued their rise.
Dhaka Stock Exchange’s benchmark index gained around 24 points to end on 2974.49, while turnover slipped to Tk 4.46 billion from Tuesday’s Tk 4.99 billion.
The all share index or DSI ended on 2500.53 points, up 20.27 points or 0.81 per cent, while the blue chip DSE-20 closed 14.97 points up, or 0.71 per cent, to close on 2120.28.
Gainers outnumbered losers 172 to 58, with four issues holding steady.
Latest entrant to the market, Navana CNG continued to top the turnover board, with shares of Tk 245.807 million traded, although it fell 4.71 per cent to Tk 210.20 on profit taking.
Off-dock service entity, Summit Alliance Port Ltd followed with a turnover of Tk 198.109 million, climbing 3.44 per cent to Tk 2254.50.
Beximco edged up 0.55 per cent to Tk 287.40, with shares worth Tk 170.524 million changing hands.
ICB 2nd NRB Mutual Fund had a turnover of Tk 163.483 million, rising 1.86 per cent to finish at Tk 163.483.
State-owned entity Jamuna Oil ended on Tk 274.60, up 3.07 per cent. Its turnover reached Tk 143.653 million.
Among the other scrips on the board—Lanka Bangla Finance, AIMS 1st Mutual Fund, Bex Tex and Summit Power gained.
Profit taking, however, caused IFIC Bank to slip.
Indices on the Chittagong Stock Exchange also ended upbeat driven by real-estate, services and cement shares.
The benchmark selective categories index closed 33.89 points, or 0.51 per cent higher, at 6668.84 while the all share price index or CASPI ended on 10436.49, up by 57.26 points or 0.55 per cent.
Turnover on the port city bourse amounted to Tk 436.798 million.
Beximco ended turnover leader with shares of Tk 37.26 million traded.
Bex Tex, AIMS 1st Mutual Fund, ICB 2nd NRB Mutual Fund and EBL 1st Mutual Fund followed.

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