Stocks rise for 3rd consecutive day

The domestic stock market rose for a third consecutive day even though turnover of the Dhaka bourse dropped.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), gained 29 points, or 0.42 per cent, to hit 6,965 yesterday.

In the last three days, the index soared by a total of 262 points, or around 4 per cent.

The market had opened on a high note but after the first hour of trade, the prime index fell due to large sell-offs in sectors with considerable market caps, International Leasing Securities said in its daily market review.

But a recovery stance was observed after the second hour of trade due to the active participation of some investors, which helped the market stay in the green.

The top ten traders captured 38.9 per cent of the total trade, of which Beximco Ltd alone captured 13.1 per cent, it added.

Turnover, an important indicator of the stock market, fell 28 per cent, to Tk 894 crore, down from Tk 1,245 crore the previous day.

Asia Insurance topped the gainers' list, rising 10 per cent, followed by Paper Processing and Packaging, Stylecraft, Sena Kalyan Insurance, and Prime Insurance.

Stocks of Beximco Ltd traded the most, worth Tk 117 crore, followed by One Bank, First Security Islami Bank, Delta Life Insurance, and Power Grid Company of Bangladesh.

Vanguard AML BD Finance Mutual Fund One shed the most, dropping 7.87 per cent, followed by Shahjibazar Power, Dulamia Cotton, Newline Clothing, and Bangladesh Submarine Cable Company.

At the DSE, 245 stocks advanced, 79 fell and 49 remained the same.

"Investors are optimistic about the stock market so some of them were in a buying mood," a stock broker said.

Most importantly, many investors were reluctant to sell shares.

"So, turnover fell," he added.

At the DSE, the rise of some big paid-up capital-based companies was main influence behind the DSEX's upward movement.

Walton, Grameenphone, British American Tobacco, and Robi Axiata contributed 20 points to the DSEX, according to data from amarstock.com.

The Chittagong Stock Exchange (CSE) also rose on the day. The CASPI, the main index of the CSE, rose 161 points, or 0.79 per cent, to 20,415.

Among 295 traded stocks, 192 increased, 77 fell and 26 were unchanged.