Stocks keep soaring, cross 7,000 points again

The domestic stock market maintained its gaining streak for a fifth consecutive day yesterday thanks to higher investor participation.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose 70 points, or 1 per cent, to 7,048.

With this, the index has crossed 7,000 points after nine trading days. In the last four days, it soared 345 points, or 5 per cent.

At the same time, the DSE's turnover rose 49 per cent to Tk 1,330 crore, up from Tk 887 crore on the previous day.

The benchmark index of the Dhaka bourse crossed the 7,000-mark by adding 70 points as investors were putting fresh bets on sector specific stocks in hopes of getting positive results in the coordinating meeting, International Leasing Securities said in its daily market review.

Investors are optimistic that a meeting between the finance ministry and Bangladesh Securities and Exchange Commission will remove all disputes among the two regulators and accelerate overall economic development, it said.

At the country's premier bourse, 274 stocks advanced, 69 declined and 32 remained the same.

Meghna Condensed Milk topped the gainers list, rising 10 per cent, followed by Meghna Pet Industries, Khan Brothers PP Woven Bag, Tamijuddin Textile, and Sena Kalyan Insurance.

Aman Feed shed the most, dropping 3.57 per cent, followed by Asia Insurance, GBB Power, Index Agro Industries and Fortune Shoes.

Stocks of Beximco Ltd traded the most with Tk 130 crore worth of shares changing hands, followed by One Bank, GSP Finance, Power Grid, and First Security Islami Bank.

The Chittagong Stock Exchange (CSE) also rose yesterday. The CASPI, the main index of the CSE, gained 204 points, or 1 per cent, to hit 20,606.

Among the 291 traded stocks, 210 rose, 61 fell and 20 remained unchanged.