Pharma, energy lift stocks

Stocks edged up yesterday, buoyed by pharmaceutical and energy sectors, as the market opened after a nine-day vacation centring Eid-ul-Azha.

The DSEX, the Dhaka Stock Exchange’s (DSE) benchmark index, gained 15.11 points, or 0.29 percent, to close at 5,216.53.

Market analysts said the index rose due to higher demand for pharmaceutical and energy stocks amid anticipation of the sectors generating higher incomes in the upcoming quarter.

Among the major sectors, both energy and pharmaceuticals rose 1 percent, according to IDLC Securities data.

However, the DSE’s turnover was 21.2 percent lower than the Tk 323.70 crore recorded on the previous trading day.

A senior official of a merchant bank said the rise of the index on the opening day would leave a positive impact on investors’ confidence.

Meanwhile, Bangladesh Bank is considering approving proposals for allowing ailing non-bank financial institutions (NBFIs) to issue bonds as a long-term measure to fight the ongoing liquidity crisis, he said.

Moreover, as an immediate measure, banks have been asked not to withdraw fixed deposits and other loans from the NBFIs. Investors might find it beneficial to observe how the BB chalks out plans to settle the issues with the ailing non-banks, he added.

If the central bank can solve the problems of the NBFIs, it will positively impact the market, the official pointed out.

Of the issues traded yesterday, 184 advanced, 123 declined and 45 remained unchanged.

Khulna Power Company topped the turnover chart with transactions of Tk 24.67 crore, followed by JMI Syringes, United Power Generation & Distribution Company, Beacon Pharmaceuticals and Monno Ceramic Industries.

ACI Formulation was the day’s best performer with a 10 percent gain while VFS Thread Dyeing the worst, shedding 8.86 percent.

Chittagong stocks also rose with the bourse’s benchmark index, the CSCX, increasing 35.20 points, or 0.36 percent, to finish the day at 9,696.10.

Gainers beat losers as 124 issues advanced, 85 declined while 36 finished unchanged on Chittagong Stock Exchange.