Stocks make strong recovery

The domestic stock market has made a strong recovery from four days of decline as investors are showing renewed interest in select sectors after some listed companies declared their latest earnings.

After losing 106 points in the past four trading sessions, the DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), soared by 71 points, or 1.02 per cent, to hit 6,997 yesterday.

Of the 380 stocks traded at the Dhaka bourse, 239 advanced, 95 declined and 46 remained unchanged.

Thanks to the increased investor participation, turnover, an important indicator of the market, rose 11 per cent to Tk 1,325 crore at the same time.

Following four days of correction, the market opened higher yesterday as investors entered a buying spree in select sectors based on the recent earning declarations, International Leasing Securities said in its daily market review.

Among major sectors, ceramics (4.8 per cent), cement (4.2 per cent) and life insurance (4.1 per cent) achieved the highest price appreciation.

Meanwhile, the tannery and general insurance sectors witnessed the highest price correction.

Investor activity was mostly concentrated on the engineering (14.7 per cent), miscellaneous (13.8 per cent) and pharmaceutical (10.4 per cent) sectors. Stocks of Beximco Ltd traded the most, worth Tk 96 crore, followed by LafargeHolcim Bangladesh, Bangladesh Shipping Corporation, Bangladesh Building Systems, and Orion Pharmaceuticals.

Alltex Industries topped the gainers list, rising 19 per cent, followed by Bangladesh Building Systems, Khan Brothers PP Woven Bag, Acme Pesticides, and Yeakin Polymer.

Envoy Textiles slipped the most, dropping 3.4 per cent, followed by Fortune Shoes, SEML Lecture Equity Management, Queen South Textiles, and Social Islami Bank.