Stocks continue gaining streak

Stocks continued to rise yesterday with DSEX, the benchmark index of the Dhaka Stock Exchange, hitting an all-time high of 5,827.2 points.

The index was introduced in January 2013 at the 4,000-point mark.

“DSEX reached a new high riding on strong investor enthusiasm in anticipation of pending declarations,” said IDLC Asset Management in its daily market analysis.

The daily turnover on the prime bourse also hit a three-month high yesterday: Tk 1,264 crore, up 9 percent from the previous day.

The stockmarket continued its bullish activities as there are not many options for investment other than the capital market, said Abu Ahmed, a professor of Dhaka University.

“There is nothing to be concerned about,” he added.

Local cosmetics maker Keya Cosmetics topped the turnover chart for the second day in a row with its transaction of Tk 67 crore.

Each share of the company gained Tk 0.3 or 1.69 percent to close at Tk 18.10.

Keya's unusually high turnover alerted the DSE but the cosmetics company replied saying there was no undisclosed price sensitive information.

Insurance companies gained the most yesterday due to handsome dividend declarations by some insurers for 2016.

Six insurance companies were among the day's top 10 gainers.

The board of directors of Sandhani Life Insurance recommended 20 percent stock dividend for the year that ended on December 31, 2016. Each share of the company gained Tk 1.1, or 3.06 percent yesterday to close at Tk 37.

A total number of 183,653 trades were executed during the trading session, with a trading volume of 44,592 securities.

At the DSE, 178 securities gained, 121 declined and 29 remained unchanged.

Chittagong stocks also rose with the bourse's benchmark index, CSCX, increasing 97.66 points or 0.90 percent to finish the day at 10,916.86.