Optimistic investors cheer up stocks

Optimistic investors kept stocks in the black for the second consecutive session yesterday.

DSEX, the benchmark index of the Dhaka bourse, rose 48.13 points or 0.83 percent to finish the day at 5,841.19.

“Investors' confidence is rising as the government has taken necessary initiatives to mitigate liquidity crunch in the financial sector,” said Mostaque Ahmed Sadeque, president of DSE Brokers Association.

Institutional investors are taking position in lucrative shares as they are not in a hurry to lower their loan-deposit ratio thanks to Bangladesh Bank's latest move to extend the deadline from June 30 to December 31, he said.

With rising confidence, investors opted to take fresh position in their portfolio, EBL Securities said in its daily market analysis. Buying pressure was mostly on stocks from banks, pharmaceuticals, chemicals and engineering sectors, it said.

Turnover, another important indicator of the market, jumped 5 percent to Tk 572.04 crore with 14.76 crore shares and mutual fund units changing hands on the DSE.

Of the traded issues, 203 advanced, 87 declined and 45 closed unchanged on the premier bourse.

Beximco dominated the turnover chart with 1.26 crore shares worth Tk 34.98 crore changing hands, followed by Brac Bank, Unique Hotel and Aamra Networks.

Among the major sectors, engineering increased 1.47 percent in market capitalisation, followed by life insurance 1.45 percent, textile 0.96 percent, bank 0.71 percent and financial institutions 0.68 percent. No sector declined in market capitalisation. Beximco was the day's best performer with an 8.30 percent gain followed by Renwick Jajneswar, EBL NRB Mutual Fund and Monno Jute Stafflers.

Shyampur Sugar was the worst loser, shedding 4.32 percent followed by Nitol Insurance, Sonargaon Textile and Republic Insurance. Chittagong stocks also rose yesterday with the bourse's benchmark index, CSCX, advancing 107.17 points or 1 percent to finish the day at 10,891.73.

Gainers beat losers as 156 advanced, 49 declined and 27 finished unchanged on the Chittagong Stock Exchange.

The port city bourse traded 1.04 crore shares and mutual fund units worth Tk 39.11 crore in turnover.