Stock rally continues

Dhaka stocks soared for the fourth consecutive session yesterday led by gains by the companies whose financial year closes in June.

Normally, shares of such companies start rising in March and April in the hope of better third-quarter results, according to market insiders.

The trend saw the major sectors with their financial year closing in June soar in the market capitalisation yesterday while those ending in December declined.

“The market opened with a positive vibe and continued till the end of the session, as investors regained confidence following the government's recent steps aimed at easing a liquidity crunch,” EBL Securities said in its market review.

Investors were mostly keen on buying pharmaceuticals, chemicals, cement, fuel, and power stocks.

The DSEX, the benchmark index of the Dhaka Stock Exchange, rose 14.03 points, or 0.23 percent, finishing the day at 5,879.41.

Turnover, an important indicator of the market, jumped 11 percent to Tk 691.52 crore, with 2.09 crore shares and mutual fund units changing hands.

Of the traded issues, 149 advanced, 143 declined, and 42 closed unchanged.

Beximco dominated the turnover chart with its 1.79 crore shares worth Tk 53.60 crore changing hands, followed by Brac Bank, Ifad Autos, United Power Generation, and Fortune Shoes.

Central Pharmaceuticals was the day's best performer with 8.48 percent gains followed by Anlimayarn Dyeing, AFC Agro Biotech, and Peninsula Chittagong.

Renwick Jajneswar was the worst loser, shedding 5.09 percent followed by Rupali Life Insurance, Reckitt Benckiser, and Aziz Pipes.

Among the major sectors, textile rose 0.85 percent, fuel and power 0.56 percent, and pharmaceuticals 1.69 percent.

On the other hand, financial institutions ended down 1.92 percent and life insurance 1.60 percent.

Shares on the Chittagong Stock Exchange also rose with the bourse's benchmark index, CSCX, increasing 42.52 points, or 0.4 percent, to finish the day at 10,974.66.

Gainers beat losers as 126 advanced, 94 declined and 24 finished unchanged. The port city bourse traded 1.23 crore shares and mutual fund units worth Tk 32.95 crore.