Stocks break losing streak

Dhaka stocks ended the week in the black yesterday after breaking a three-day losing streak amid active participation by institutional and general investors.

The benchmark index of the premier bourse—DSEX—rose by 108.57 points or 1.97 percent to close the week at 5,597.44.

Institutional investors helped the index to end higher yesterday—the last working day of the first quarter—as the day's share price was crucial for the earnings per share of banks and financial institutions, said Yawer Sayeed, managing director of AIMS of Bangladesh.

The market should be vibrant in a normal way, where the index will soar or decline slowly, he said. A nearly 2 percent hike of index in a day is not a normal thing at all, Sayeed said.

The index started the day on a positive note that continued till the end of the session driven by the hopes and excitement ahead of earnings declaration, EBL Securities said in its daily market analysis.

Investors were busy in taking fresh positions in sector specific stocks, especially from bank, pharmaceuticals and chemicals and food and allied sectors, it said.

Turnover, one of the important indicators, increased 70 percent to Tk 470.36 crore with 12.70 crore shares and mutual fund units changing hands on the DSE.

Of the traded issues, 54 declined, 261 advanced and 20 finished unchanged on the premier bourse.

Square Pharma dominated the turnover chart with 5.66 lakh shares worth Tk 17.38 crore changing hands followed by Brac Bank, Beximco, LankaBangla Finance and United Commercial Bank.

Beximco was the day's best performer with a 10 percent gain followed by Green Delta Insurance, Shasha Denims and Takaful Insurance.

Queen South Textiles was the day's worst loser, shedding by 7.19 percent followed by Stylecraft, Eastern Insurance and United Commercial Bank.

Among the major sectors, that of banking increased 2.21 percent in market capitalisation followed by financial institutions that increased 2.05 percent, engineering 1.36 percent and fuel and power 1.13 percent.

Conversely, only jute sector declined 0.25 percent in market capitalisation.

The benchmark index of the port city bourse also rose yesterday by 167.39 points or 1.6 percent to finish the day at 10,403.60.

The Chittagong Stock Exchange traded 80.75 lakh shares and mutual fund units worth Tk 65.77 crore in turnover. Of the traded issues, 168 advanced, 46 declined while 34 finished unchanged on the CSE.