Stocks maintain gaining streak

Bank stocks contributed the most as the market index continued to rise for a fourth consecutive day yesterday.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose 38 points, or 0.56 per cent, to 6,787.16.

"Investors are much more confident now so they are investing even though the index has reached its highest level since inception in 2013," a stock broker said.

The banking sector has become the main attraction for investors since it has the lowest price-earnings ratio in the market, making bank stocks comparatively  lucrative.

"This is why the value of bank stocks rose but investors need to analyse their respective asset quality and non-performing loans because not all banks are in the same position," he added.

Turnover, another important market indicator, fell 9.48 per cent compared to the previous day to hit Tk 2,673 crore.

First Security Islami Bank topped the gainers list, rising 10 per cent, followed by Desh General Insurance, GBB Power, Stylecraft, and South Bangla Agriculture & Commerce Bank.

Dutch-Bangla Bank, Brac Bank, Pubali Bank, and Islami Bank contributed the most to the index with 13 points collectively.

Turnover in the banking sector was Tk 452 crore, which was 17.6 per cent of the total trade.

Tallu Spinning shed the most, falling 8.73 per cent, followed by Mithun Knitting, Nurani Dyeing, Appollo Ispat and Generation Next.

Stocks of Beximco Ltd traded the most, worth Tk 107, crore followed by IFIC Bank, LankaBangla Finance, and National Housing Finance and Investments.

At the DSE, 192 stocks advanced, 174 fell and eight remained unchanged.

The Chattogram Stock Exchange also rose yesterday. The CASPI, the general index of the port city bourse, increased 118 points, or 0.60 per cent, to 19,786.

Among 324 traded stocks, 162 advanced, 147 fell and 15 remained unchanged.