Stocks rise on bright earnings data

Positive earnings results pushed stocks back to black yesterday as DSEX, the benchmark index of Dhaka Stock Exchange, rose 21.89 points or 0.45 percent to close at 4,797.17 points.

The index moved up slightly to close just below the 4,800 points mark, said LankaBangla Securities.

The financial sector showed strength as it released quarterly declarations, according to the stockbroker.

In the April-June quarter, some companies managed to show growth despite tough business conditions in the beginning of the year, which is helping restore market confidence, it said.

Turnover, another important indicator of the market, rose 11.1 percent to Tk 720.13 crore on transactions of 18.89 crore shares and mutual fund units.

Of the traded issues, 186 advanced and 103 declined with 29 securities closing unchanged.

Square Pharma dominated the turnover chart with 13.16 lakh shares worth Tk 35.92 crore changing hands, followed by Lafarge Surma Cement, United Power Generation and Distribution Company, Beximco and Khulna Power Company.

Among the major sectors, cement gained 1.54 percent in market capitalisation, followed by telecom that increased 0.63 percent, non-banking financial institutions 0.56 percent, textile 0.5 percent and banks 0.1 percent.

Conversely, fuel and power stocks lost 0.12 percent in market capitalisation.

Standard Ceramic was the day's best performer with 10 percent gains, while Savar Refractories was the worst loser with a 6.73 percent fall.

Chittagong stocks rose yesterday with the bourse's benchmark index, CSCX, increasing 55.68 points to stand at 8,962.39.

Gainers beat losers as 150 advanced and 82 declined, while 28 finished unchanged on the Chittagong Stock Exchange.

The port city bourse traded 1.57 crore shares and mutual fund units, generating a turnover of Tk 54.86 crore.