Stocks gain on last trading day before Eid

Stocks closed higher on the last trading day before Eid holidays as earnings news continued to enchant investors yesterday.

DSEX, the benchmark index of Dhaka Stock Exchange, gained 27.28 points or 0.58 percent before closing at 4,656.13 points. The stock exchanges will remain close from today and will resume on next Tuesday.

Investors' positive expectation on post-Eid market move assisted the pre-Eid six sessions to remain positive, IDLC Investments said in its regular analysis.

“June-end half-early and yearly earnings expectation kept investors vibrant in the last few sessions as they were completely focused on fundamentally sound scrips,” the merchant bank said.

LankaBangla Securities said market participation increased as buyers marched up to take position on stocks, which showed up growth in earnings.

Turnover, another important indicator of the market, also rose 5.3 percent to Tk 520.66 crore on transactions of 11.73 crore shares and mutual fund units.

Of the traded issues, 197 advanced and 85 declined with 35 securities remaining unchanged on the premier bourse.

ACI dominated the turnover chart with 7.40 lakh shares worth Tk 43.37 crore changing hands, followed by Khulna Power Company, BSRM, Ifad Autos, and United Power Generation and Distribution Company.

Among the major sectors, banks gained 1.76 percent in market capitalisation, followed by fuel and power that increased 1.67 percent, textile 0.67 percent and cement 0.48 percent.