Stocks reach new heights

Despite a price drop of most listed companies' stocks, the benchmark index of the Dhaka bourse soared and broke its previous record yesterday.

The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), rose 55 points, or 0.77 per cent, to 7,196.

At the DSE, 152 stocks advanced, 186 fell and 36 remained unchanged.

Meanwhile, DS-30, the blue chip stock index, went up by 29 points to 2,613.

Turnover, an important indicator of the market, decreased to Tk 2,555 crore, which was Tk 2,866 crore.

The winning streak has been extended in the prime bourse of the country for the seventh consecutive session amidst growing optimism, said International Leasing Securities in its daily market review.

However, the index witnessed some fluctuations during the last session, reflecting a profit booking tendency of some investors, it said.

Price appreciation by some large cap stocks upheld the indices yesterday, although both the top gainers' and losers' lists comprised small cap stocks, it added.

Among the major sectors, food and allied, travel and leisure and pharmaceutical sectors experienced price appreciations while IT, life insurance and engineering sectors faced corrections, said UCB Stock Brokerage in its market commentary.

Tamijuddin Textile Mills Limited topped the gainers' list, rising 10 per cent, followed by Deshbandhu Polymer Limited, Esquire Knit Composite Limited, CVO Petrochemical Refinery Limited and Alif Industries Limited.

Asian Tiger Sandhani Life Growth Fund shed the most, losing 9.99 per cent, followed by Meghna PET Industries Limited, Meghna Condensed Milk Industries Limited, GSP Finance Company (Bangladesh) Limited, and ADN Telecom Limited.

Stocks of Square Pharmaceuticals Limited were traded the most, worth Tk 98 crore, followed by British American Tobacco Bangladesh, Khulna Power Company Limited, Bangladesh Export Import Company (Beximco) Limited and Beximco Pharmaceuticals Limited.

Chittagong Stock Exchange (CSE) also rose yesterday. The CASPI, the general index of the port city bourse, edged up 181 points, or 0.87 per cent, to 20,979 points.

Among the 369 stocks to undergo trade, 135 rose, 199 fell and 35 remained unchanged.