Stocks rise for fifth day
The stock market has risen for five consecutive workdays till yesterday as fresh optimism has buoyed investors hopeful of the index of going up further.
The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), rose 27 points, or 0.36 per cent, to 7,356. The index is at its highest point since its inception in 2013. At the DSE, 109 stocks rose, 216 declined and 51 remained unchanged.
Investors are hopeful of the market going up even further, having already advanced around 20 per cent in the last three months, said a stock broker.
The DSEX soared 18 per cent, or 1,137 points, in the past three months, according to the DSE data.
When market index rises, people gain confidence and dream of seeing a further rise, he said, adding that gains were made by most sectors in recent months.
However, prices of bank stocks are still low compared to that of the other sectors, he said. Among all the sectors, general insurance dropped the most, by 3.56 per cent, while fuel and power rose the highest, by 0.97 per cent.
Turnover of the Dhaka bourse dropped 2 per cent to Tk 2,439 crore which was Tk 2,502 crore.
Stocks of LafargeHolcim Bangladesh Limited were traded the most, worth Tk 129 crore, followed by Bangladesh Export Import Company Limited (Beximco), Orion Pharma Limited, LankaBangla Finance Limited, and Delta Life Insurance Company Limited.
Fortune Shoes Limited topped the gainers' list, rising 9.17 per cent, followed by Sonali Paper & Board Mills Limited, Prime Finance & Investment Limited, Delta Life Insurance Company Limited, and Genex Infosys Limited.
Eastern Insurance Company Limited shed the most, falling 9.97 per cent, followed by Bangladesh National Insurance Company Limited, National Housing Finance and Investments Limited, and Asia Insurance Limited.
As the insurance sector rose at a higher rate in the last few months, many investors are availing profits from these stocks, said a merchant banker. Now investors are rearranging their portfolios, he added.
Chittagong Stock Exchange (CSE) has also risen. The CASPI, the general index of the port city bourse, rose 53 points, or 0.25 per cent, to 21,377.
Among 319 stocks to undergo trade, 141 advanced, 149 fell and 29 remained unchanged.
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