Stocks stretch gaining streak to 3rd day

Stocks in Bangladesh yesterday stretched their gaining streak to three consecutive trading sessions thanks to higher investor participation, according to market analysts.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose 33 points, or 0.53 per cent, to hit 6,377 points by the end of the day. With this, the index has advanced 70 points in the last three trading sessions.

Turnover at the DSE, which indicates how much trading activity took place on the day, rose around 48 per cent to Tk 1,094 crore while it was Tk 741 crore on Wednesday.

The DS30, a market index consisting of blue-chip companies, edged up 0.74 per cent to 2,265 points while the DSES, the shariah-compliant index, rose 0.67 per cent to 1,402 points.

The stock market observed another bullish session as bargain hunters maintained their buying appetite amid increased participation, International Leasing Securities said in its daily market review.

Following the previous session, the market opened on a flying note and the upbeat trend continued till the end. The cheerful investors put fresh bets on sector specific issues riding on the June-end dividend declaration that is now ongoing.

However, some investors are still concerned about rising inflation, the exchange rate volatility, and that an increase in the interest rate could hamper the money flow to the capital market, the stock brokerage added.

Among the sectors, paper rose 7.4 per cent, travel advanced 3.6 per cent and general insurance grew 1.3 per cent while jute fell 3.8 per cent and tannery edged down 1 per cent.

The investors' focus was mainly on the paper (21 per cent), pharmaceutical (13.4 per cent) and miscellaneous (13.3 per cent) sectors.

At the DSE, 73 securities advanced, 59 declined, and 219 remained the same.

Sinobangla Industries topped the gainers list, advancing 30 per cent after news broke that it is going to issue right shares in the ratio of one right share against two existing shares.

Right shares are stocks which are issued by the company with the aim of increasing its subscribed share capital.

Aftab Automobiles, Sena Kalyan Insurance, Bashundhara Paper Mills and Navana Pharmaceuticals also rose by more than 9 per cent each.

Tamijuddin Textiles suffered the highest correction, sliding almost 8 per cent, while Aramit Ltd, Bangladesh Lamps, Apex Foods, and ACI Formulations also featured in the top losers list.

The CASPI, the all-share price index of the Chattogram Stock Exchange, increased 101 points to end the day at 18,778 points.