NBFI stocks, mutual funds rise amid optimism
The stock price of non-bank finance institutions (NBFI) and mutual funds rose yesterday as investors desire to see good profit within their books amid a bullish industry.
DSEX, the benchmark index of the Dhaka STOCK MARKET (DSE), rose 12.28 factors, or 0.21 %, to 5,634 yesterday.
As the market gained within the last few a few months, it is normal that mutual funds built higher income in 2020, according to a merchant banker.
The fund managers make higher profit when compared to index return so investment within their funds is expected, he said.
DSEX rose more than 21 % or 1,000 tips within the last year, DSE data shows.
Various mutual funds have been trading in their net asset value. So, investors are choosing these units, the merchant banker stated.
However, traders should remain cautious because the unit charges for certain funds already are overvalued, he added.
Among 37 mutual funds, two fell and one remained the same while the 34 units advanced on the DSE.
However, turnover, another important indicator of the currency markets, dropped 11 % to Tk 1,505 crore.
The stocks of NBFIs were also highly demanded yesterday, a stock broker said.
As the companies' financial yr ends in December, they'll announce their income and dividends in the coming days.
"The NBFIs are as well making higher revenue from the currency markets so they are soaring in benefit," he added.
At the DSE, 167 shares rose, 150 fell and 45 remained the same.
Phoenix Financing 1st Mutual Fund topped the gainers' list, rising 10 per cent, accompanied by IPDC, National Housing Financing and Investments, Alltex Industries, and Robi Axiata.
Beximco was first the most traded stock with Tk 122 crore worthy of of shares changing hands accompanied by LankaBangla Finance, LafargeHolcim Bangladesh, Beximco Pharmaceuticals and IFIC Bank.
National Polymar shed the most, losing 20.94 per cent, accompanied by Active Fine Chemical compounds, Dulamia Cotton, Prime Insurance, and Zeal Bangla.
The port metropolis bourse also rose yesterday. The general index of the Chittagong STOCK MARKET, CASPI, climbed up 39 points, or 0.23 %, to stand at 16,388.
Of the traded shares, 126 rose, 113 fell and 34 remained unchanged.
Meanwhile, the DSE released that protection of its management program software begins immediately and shall be continued for another three weeks to boost its performance.
As such, the DSE cell app trading program will be available to users from 10.15am to 2pm during this time period, it said. From then on, the DSE mobile iPhone app service will be accessible for all periods and full trading hours.
