Stocks stretch gaining streak to third day

Stocks in Bangladesh continued rising for a third consecutive trading session yesterday despite a last-minute selling spree that prevented a high jump in the market indices.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose 19 points, or 0.30 per cent, to close the day at 6,388.

The index was around 60 points higher than its previous total by 1:00pm yesterday but huge selling pressure at the end of the trading session dragged its gains down to 19 points.

As the DSE, 163 stocks advanced, 179 declined and 35 remained unchanged.

Both the DS30, the blue-chip index, and DSES, the shariah-based index, advanced 3 points respectively. Domestic stocks posted modest gains after choppy trading as some investors followed a cautious stance, International Leasing Securities said in its daily market review.

Investors are concerned about Bangladesh Bank's recent decision to increase the repo rate by 25 basis points.

"Increased interest rate can hamper money flow to the capital market," it added.

Among the sectors, bank rose 1.8 per cent, general insurance advanced 1 per cent and mutual fund increased 0.9 per cent.

Investor activity was mostly concentrated on pharmaceuticals (15.5 per cent), miscellaneous (13.2 per cent), and financial institution (12.1 per cent).

Turnover of the DSE also rose to Tk 836 crore from the previous day's Tk 833 crore.

Western Marine Shipyard topped the gainers' list, rising 9.57 per cent, while South Bangla Agriculture & Commerce Bank, Tamijuddin Textile Mills, Karnaphuli Insurance and Ratanpur Steel Re-rolling Mills followed suit.

Sonali Paper & Board Mills shed the most, dropping 2 per cent, while BD Lamps, Prime Insurance, Bangladesh Shipping Corporation, and JMI Hospital were among companies included in the loser tally.